>>
Home / Knowledge / News / Textiles / 'Buy American' critical to US economic recovery - AMTAC

'Buy American' critical to US economic recovery - AMTAC

22
Jun '09
Pointing out that the United States is mired in its worst economic recession since the Great Depression and that:
• the United States has lost 6 million non-farm jobs since December 2007 and U.S. non-farm employment is lower today than it was in November 2000;
• U.S. private sector employment is lower today than it was in November 1999;
• U.S. manufacturing employment is lower today than it was in June 1941;
• U.S. manufacturing has lost 5.35 million jobs in the last decade, including 1.57 million in the last year;
• in April, the United States suffered its first 10-year drop in industrial production since 1929-39 while the U.S. resident population increased by an estimated 36.5 million people (13.5 percent growth) during the same time period;
• the United States ran a $30 billion current account deficit with Canada in 2008 and has run a cumulative $331 billion current account deficit with Canada since 1998;
• the United States ran a $673 billion current account deficit in 2008 and has run a cumulative $5.85 trillion current account deficit since 1998;
• combined U.S. household and federal debt stood at $24.9 trillion at the end of 2008, doubling since the bursting of the dot.com financial bubble in 2000; and,
• the combined U.S. and federal household debt of $24.9 trillion was 175 percent of the $14.2 trillion U.S. Gross Domestic Product (GDP) at the end of 2008;

American Manufacturing Trade Action Coalition (AMTAC) Executive Director Auggie Tantillo said, “'Buy American' is critical to U.S. economic recovery. The only way for the U.S. economy to climb out of recession is for people to start buying more American-made goods and services, including the U.S. government.”

“By holding a joint press conference today with the Canadian Manufacturers and Exporters to decry the 'Buy American' provisions in the stimulus, the U.S. Chamber of Commerce is effectively suggesting that America needs to buy more Canadian to dig out of our economic hole. That position doesn't pass the U.S. economic interest laugh test,” Tantillo continued.

“The U.S. Chamber in Washington should change its name to the 'Chamber for Offshoring U.S. Jobs' to properly reflect its policy positions,” Tantillo added.

“Main Street thinks that buying American is a great idea. Outside of Washington, D.C. and Wall Street, the average American understands that the $787 billion stimulus package will not create jobs if it is used to buy foreign-made goods. They know that running up trade deficits causes more job losses,” Tantillo continued.

“Just because some of the Chamber's multinational members are put in a spot of difficulty doesn't mean that the United States should reverse its 'Buy American' policy. What is good for one company or even a handful of companies is not necessarily what is good for the rest of the U.S. economy,” Tantillo said.

Tantillo also noted that the stimulus package was written in a manner consistent with U.S. international trade obligations and that Canada's trade agreements also explicitly allow them to exclude U.S.-produced goods and services from Canadian government procurement.


Must ReadView All

Pic: Anton_Ivanov / Shutterstock.com

Retail | On 27th Jan 2022

UK retail sales volumes fall at fastest rate in 11 months in Dec 2021

UK retail sales volumes fell by 3.7 per cent in December 2021, the...

Pic: Shutterstock

Textiles | On 26th Jan 2022

Vietnam-US trade hits $111.56 bn in 2021

Vietnam-US trade hit $111.56 billion in 2021, up by nearly $21...

Pic: Shutterstock

Textiles | On 26th Jan 2022

Turkey using less coal, hydropower; use of renewables, gas up: Ember

The use of coal and water for energy in Turkey reduced in 2021, while ...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Donating 20,000 N95 masks to hospitals & NGOs

Textile Industry, Head honchos

Textile Industry
Head honchos

Trainers faced immense challenges as most were not tech-savvy

Textile Industry, Head Honchos

Textile Industry
Head Honchos

Increase foreign exchange and create jobs

Susanna Koelblin,

Susanna Koelblin

Founded in 1920, Eastman is a global specialty materials company that...

Shivaani Jain,

Shivaani Jain

Established in 2015, Once Upon A Trunk is a one-stop-shop with almost...

Ujjval Saraf,

Ujjval Saraf

Founded by Jimmy Lai, Giordano International Ltd, a Hong Kong based...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Daniel Odermatt, Ventile

Daniel Odermatt
Ventile

Ventile is a registered trademark used to brand a special high-quality...

Asif Rahman, MIP

Asif Rahman
MIP

MIP is a manufacturer and distributor of high-performance textiles and...

Suman Nathwani, Suman Nathwani

Suman Nathwani
Suman Nathwani

Designer <b>Suman Nathwani</b> talks about her journey of opening a...

Kamal Khushlani, Mufti

Kamal Khushlani
Mufti

Based out of Mumbai, Mufti is a men’s clothing fashion brand. In an...

Ramya Rao & Kavea R Chavali, Kalaneca

Ramya Rao & Kavea R Chavali
Kalaneca

<div>The journey of Kalaneca (kala-Art, Neca- Nikaah) formally began in...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments

ESTEEMED CLIENTS

Puma
Guess Europe Sagl,
NITI Aayog
Bluestem Global Sourcing Limited
Chico’ FAS
Seasalt Limited
Sainsbury's Argos Asia Limited
H;&M Hennes ;& Mauritz (Far East) Ltd
Abit
BIANCA
Vianney Textil Hogar S.A. De C.V.
Desigual - ABASIC, S.A.
Vardhman Textile Ltd
Alix Partners
TESCO INTERNATIONAL SOURCING LIMITED
Aramark Uniform ;& Career Apparel, LLC
SYNERGIES HONG KONG LIMITED
Alison Hayes Romania
HYOSUNG CORPORATION INDIA PRIVATE LIMITED
Hirdaramani International Export Private Limited
Gokaldas Exports Limited
Lisa S.P.A.
Tchibo GmbH
Lenzing Aktiengesellschaft
Tory Burch Hong Kong Ltd
Grasim Industries Limited
Midas Clothing Limited
Arvind Limited
Gatsby Africa
Boardriders Asia Sourcing Limited
J ;& P Coats
Sportswear Company Spa
Gap International Sourcing Limited
T.T. Limited
G-Star Raw C.V.
IDH – The Sustainable Trade Initiative
Decathlon
Target Corporation (MN)
BIRLA CENTURY A DIVISION OF CENTURY TEXTILES AND INDUSTRIES
Walmart
Helly Hansen Far East Ltd
International Textile Manufacturers Federation
Asos
Splash
BIMBA ;& LOLA SL
Phong Phu international JSC (PPJ)
Eastman Chemical Company
Tommy Hilfiger
Page Industries Limited (Bangalore)
Restoque S.A.
Chori Company Limited
Babyshop
Lacoste (Wanchai)
Brandix Lanka Limited
Permoda(Koaj/Armi/Pronto/Bkul)
Calvin Klein
Truetzschler India Private Limited
Groz-Beckert East Asia LLP
LC Waikiki
Recron Polyester from Reliance Industries Limited
John Varvatos
Amazon China
Cat Tuong Real Estate Group Joint Stock Company
Sportmaster Ltd.
Varner AS Retail
Etam Group Strategy Hong Kong Limited
IKEA of Sweden AB
Huntsman (Singapore) Pte Ltd
Maceton Limited
Sateri (Jiujiang) Fiber Co.,Ltd
Green Fibre
Lifestyle
Rayonese Textile Inc., Division de Culp Inc.
C;&A Sourcing International Ltd
Under Armour Global Sourcing Ltd
THE BOMBAY DYEING ;& MFG.CO. LTD
OVS Hong Kong Sourcing Ltd.
PVH Corporation
SHAHI Exports Pvt Ltd
MAS Active / MAS Kreeda / MAS Bodyline
The LYCRA Company Singapore  Pte. Ltd
Lululemon Athletica Inc
Hela Clothing Pvt Ltd
Gloria Jeans
Rosset ;& Cia Limited
The Top Form Brassiere Manufacturing Company Limited
Esprit Europe Services GmbH
KAS Direct Sourcing
Aquarelle Clothing Limited
Benetton Group

January 2022

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search