The Trade Policy Agenda, issued by USTR, stated "Trade is a significant and increasingly important factor in contributing to the US and global economies." Phelps wrote that AIIS agrees and added 'US exports of steel in 2008 hit an all time record, supporting directly and indirectly over 100,000 jobs in the steelmaking and related industries.' These, as you note often in your Agenda, are high paying jobs for Americans."
The Trade Policy Agenda also stresses support for the international trading system and states the system will 'Revitalize economic growth and promote higher living standards at home and abroad.' 'In response, Phelps wrote, 'The establishment and support of the GATT and now the WTO and international trade liberalization has been a hallmark of every President since Franklin Roosevelt.' The jobs and wealth created and poverty eliminated through the policy of your predecessors' support of the GATT and WTO is rightly a major point of pride for our country and its leaders in the White House and in Congress.'
Other areas of agreement include the statement's reference to the "dangers of protectionism in light of the global economic crisis." 'Phelps wrote, "We should not repeat the mistakes of the Great Depression and pass a 21st Century version of Smoot-Hawley.' During the Clinton Administration, a decision not to close US markets during the Asian Financial Crisis has been universally proclaimed as a major factor in the Crisis not spreading and affecting the world economy.'
