COMS & the Ghost of USRX w/ other STUFF Message Board

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Technology Stocks : COMS & the Ghost of USRX w/ other STUFF

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Nov 26 9:30 AM EST

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To: David Lawrence who wrote (8770)	11/7/1997 12:48:00 PM
From: DMaA	Read Replies (1) of 22053

Briefing: The House has delayed its fast track trade vote until the weekend at the request of the White House. Clinton is still scrambling to get the needed votes for passage. We still expect him to succeed, though the vote will obviously be very close. Here's an exerpt from WSJ that explains it better than I did. Fast track is an expedited process used to approve broad trade bills; it doesn't allow amendments or legislative stalling. Other nations would be reluctant to negotiate in earnest with the U.S. without fast track for fear that Congress would rewrite trade deals. Killing fast track wouldn't immediately hurt U.S. trade. Indeed, the U.S. would still be able to pressure Japan and China through trade sanctions. However, the measure could have great symbolic and practical significance. Other nations see it as a symbol of U.S. commitment to open markets. And many multilateral deals, such as creating free-trade zones in South America or Asia, or concluding global pacts on agriculture and patents, must be eligible for fast track or they could be picked apart in Congress. Trade experts worry that a defeat would signify the end of a decades-long expansion of trade and global integration, and mark the beginning of an era of caution in international economics. That could rattle jittery financial markets and embolden protectionist forces around the world that could argue that even the U.S. is rejecting the open-market model. "The vote sends a message," says trade historian I.M. Destler of the University of Maryland. A defeat would signal "a victory for protectionism." Organized labor has fought ferociously against fast track because of fear that expanded trade undermines wages and jobs at home. Unions have argued that trade deals must include labor safeguards that are enforceable by trade sanctions -- a demand rejected by U.S. businesses and their GOP allies.

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