U.S. Senate reverses itself, approves compromise on fast track bill
Two days after rejecting legislation to give President Obama trade promotion authority to move the Trans-Pacific Partnership trade agreement through Congress, the U.S. Senate reversed itself and approved a “fast track” compromise bill on Thursday in a 65-33 vote. Maine’s U.S. Sens. Susan Collins and Angus King once again were split on that measure, with Collins voting “yes” and King voting “no.”
The Obama administration picked up more votes from Democratic senators after providing assurances that greater enforcement provisions would be included in the sweeping trade agreement with 11 Pacific Rim nations and allowing a separate bill to be considered on provisions cracking down on the manipulation of currency rates.
The Wall Street Journal reported that Senate Majority Leader Mitch McConnell anticipates sending the main fast track bill, possibly with other amendments, to a vote in the U.S. Senate before the Memorial Day recess.
The White House also faces a tough sell with House Democrats, which, like their Senate counterparts, have voiced strong reservations about granting fast-track authority to the president to submit the 12-nation Pacific Rim trade agreement to Congress for an up-or-down vote without amendments later this year.
The Trans-Pacific Partnership is the largest proposed free trade agreement in history, involving the United States and 11 countries on the Pacific Rim and representing close to 40% of the world's economy. A major issue of concern for Maine is whether the agreement will eliminate footwear tariffs now imposed on Vietnam, the world’s No. 2 shoe exporting country after China, potentially jeopardizing up to 1,400 manufacturing jobs at New Balance’s three factories in Maine and two in Massachusetts.
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