Several ambassadors from Latin American Countries held a discussion at the Heritage Foundation to discuss the advancement free trade, liberty and prosperity in the Western hemisphere.

Ambassador Tomas Duenas of Costa Rica spoke about the dramatic positive effect that free trade had had in Central America, and warned of the implications if trade barriers increased. He recounted that the United States instituted policies of protectionism during the Great Depression, which caused other countries to respond with their own protectionist policies and ended up harming the entire world’s economy. “We must work together then to avoid falling into a similar situation,” said Duenas, “in difficult times some groups could find it politically attractive to follow that extremely detrimental path.”

Other ambassadors expanded on the dramatic economic effects that their countries have experienced as a result of more open trade with the United States. Ambassador Federico Humbert of Panama discussed how his country has seen growth for 23 straight quarters, and that 75 percent of Panama’s cargo goes to or from the US.

Ambassador Mariano Fernandez Amunategui of Chile spoke about how his country exported $8.7 billion and imported $7.2 billion worth of goods with the US, making Chile a larger US importer than Russia, Indonesia, Pakistan, Argentina and Turkey.

Mexican Ambassador Arturo Sarukhan spoke about the mutual benefits that have resulted from free trade between Mexico and the United States. “Twenty-five million new jobs have been created in America, in the United States, since NAFTA was approved,” said Sarukhan, “…this is a success story.”

Costa Rican Ambassador Tomas Duenas discuss the needs and benefits for the United States to form a closer relationship with the Western Hemisphere. (1:17)

 

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Mexican Ambassador Arturo Sarukhan speaks about how the United States and Mexico have both benefited from NAFTA. (0:57)

 

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Congressman Lincoln Diaz-Balart (R-Fla.) speaks about the differences between Sen. Barack Obama (D-Ill.) and Sen. John McCain (R-Ariz.) on hispanic issues. Diaz-Balart says that Obama does not support free trade in Columbia and would like to abolish the free trade deal that the United States has with Mexico and Canada. Diaz-Balart also calls Obama’s position on free trade “highly irresponsible.” (0:44)

 

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America’s shifting economic dominance and relations with Asia were discussed by Christopher Padilla, Undersecretary for International Trade at the US Department of Commerce, who spoke to a packed house at the American Enterprise Institute. He stressed the importance of forming free trade agreements with Asian countries, especially Korea and China.

According to Padilla, 60 percent of economic activity in Asian nations occurs within the continent, and the numbers are growing. He warned that continued stalling on the part of congress could result in huge economic losses for the United States.

The Undersecretary believes free trade agreements with nations like Korea are key to the United States’s continued influence in the region. Padilla stated that a hefty portion of the global GDP comes from Asia - nearly 40 percent - and the United States must solidify trade relations to ensure continued trade opportunities and economic superiority. In addition, he stressed the importance of continued dialogue between the East and West to facilitate both economic and international agendas.

Undersecretary of Commerce for International Trade Christopher Padilla says that the United States will cede its economic leadership in Asia if Congress fails to pass the Korea Free Trade Agreement, increasing the likelihood that the United States will be left out of future trade agreements. (0:44)

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Presumptive Republican Presidential Nominee Senator John McCain’s presidential campaign held a press conference call to discuss Presumptive Democratic Presidential Nominee Senator Barack Obama’s remarks in Flint, Michigan. Senior economic policy adviser Doug Holtz-Eakin and Republican National Committee (RNC) Victory 2008 Chair Carly Fiorina respond to questions from callers on issues ranging from free trade to the Iraq war to education policies.(21:52)

 

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Presumptive Republican Presidential Nominee Senator John McCain’s presidential campaign held a press conference call to discuss Presumptive Democratic Presidential Nominee Senator Barack Obama’s remarks in Flint, Michigan. Senior economic policy adviser Doug Holtz-Eakin and Republican National Committee (RNC) Victory 2008 Chair Carly Fiorina answered questions from callers on issues ranging from free trade to the Iraq war to education policies. (more…)

Vice President Dick Cheney says that promoting economic protectionism sends the United States down a destructive path and that the United States must engage the global market place and lead the world economy. (1:10)

 

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Three steps that must be taken to maintain the United States’s economic position in the world were cited by Vice President Dick Cheney at the United States Chamber of Commerce. Cheney thanked the Chamber for understanding economic issues and motivated it to assist policy makers in decision making.

Cheney defended tax cuts made by President Bush, saying that a sudden tax increase is “not the prescription” the United States needs to secure its economic status. Cheney said that if Bush’s tax cuts are allowed to expire, taxes will increase by $280 billion a year. The thousand dollar per child tax break given to families would be halved, causing an average of $1,800 increased taxes for 116 million Americans. Cheney said that this “government greed” would have the most harmful effect on Americans in the lowest tax brackets.

Cheney also promoted free trade initiatives and argued against the protectionism promoted in some of the presidential campaigns. He said that a free trade agreement with Colombia would benefit the United States by allowing American products to enter Colombia without tariffs. According to Cheney, 90 percent of Colombian goods already enter the United States duty free. Cheney said that protectionism brings “false comforts” and that the demise of a trade agreement with Colombia would not only hurt the American economy, but would also cause the United States’s image in Latin America to suffer.

In light of increased gas prices, Cheney advocated that the United States increase domestic oil production, saying that an increase in supply is the only way to lower prices. Cheney supported initiatives that develop new energy technologies but reiterated that the United States’s dependence on oil cannot be erased overnight. Cheney not only pushed for oil production in ANWAR, but also supported oil production off of the East and West Coasts. Cheney said that China and Cuba are producing oil off the coast of Florida, noting that “even the Communists” understand increased oil production is economically vital.