Strong Growth in Exports Spurs U.S. Economy, Underscores Importance of Pro-Trade Policies

WASHINGTON, DC – Financial Services Forum President and COO Rob Nichols issued the following statement on second quarter GDP growth:

"Rapid export growth, reported as part of the second quarter GDP figures released this morning, makes clear the critical role trade is playing in driving U.S. economic growth and job creation. Exports grew at an annualized rate of 9.2 percent, up from a 5.1 percent growth rate in the first quarter, giving the economy a much-needed lift at a time when other aspects of the U.S. economy are facing significant headwinds. Keeping America’s doors open to the global economy is a vital national priority.

"To ensure that American businesses and workers continue to benefit from engagement in the global economy, Congress should act now to approve Free Trade Agreements with Colombia, Panama, and South Korea and renew the President’s Trade Promotion Authority.

"Policymakers should make access to growing foreign markets a top priority. As we work to open new markets for America abroad, it is essential that we also keep U.S. markets open to foreign investment.

"While some have legitimate concerns about the challenges of globalization, isolating America from the global economy is the wrong approach. We strongly urge policymakers to consider new ideas, such as those suggested by the Forum-sponsored report, Succeeding in the Global Economy: A New Policy Agenda for the American Worker, to help workers more fully and equitably enjoy the benefits of trade.

"Just yesterday the Forum released a follow-up report that details a 21st century worker Adjustment Assistance Program (AAP) – a comprehensive policy plan that offers innovative improvements to Unemployment Insurance and Trade Adjustment Assistance."