Washington is the most trade-reliant state in the nation, with approximately 40% of all jobs tied to international commerce. As the economy slows significantly due to impacts from the coronavirus, it is critical to expand international trade and investment opportunities, promote market access for goods and services abroad, and eliminate barriers that impede the competitiveness of trade active Washingtonians. Bottom line, 95% of the world’s consumers live beyond U.S. borders, and Washington cannot forgo participating in a global economy.
Federal leaders can help our economy rebound and get Washingtonians back to work through smart trade policy actions. First, to counter the devastating impact of recent trade wars, WCIT advocates removing tariff barriers, specifically Section 301 and Section 232 tariffs, which have invited our trading partners to retaliate. Second, while the COVID response will naturally change the nature of supply chains, we should avoid “Buy America” orders, which would immediately disrupt the ability to source, produce, and distribute critical supplies and medicines. Finally, we need to actively support new agreements that create market access for Washington state exports of goods and services.
Read WCIT Research Report: International Trade and the Global Pandemic: Impacts of COVID-19 on Washington’s Trade Economy