U.S. Senator John Hoeven Delivers Weekly Republican Address

‘Free and fair trade agreements can help us create the kind of pro-jobs, pro-growth economy that will lift our nation up… Robust international trade can help us do it, and we can start by ratifying long-pending free-trade agreements with South Korea, Colombia, and Panama.’

WASHINGTON, DC – U.S. Senator John Hoeven (R-North Dakota) released the following weekly Republican address. 

Full transcript of Senator Hoeven’s Address:  

“Hi, I’m Senator John Hoeven of North Dakota, and I’d like to talk to you today about our nation’s fiscal challenges – in particular, about the vital role that international trade can play to help us create jobs and reduce our deficit. 

“Almost exactly one hundred years ago, at the start of another century, President Theodore Roosevelt launched a U.S. Navy mission known as the Great White Fleet on a voyage around the world.  

“It was a show of American strength, but it was also a show of American goodwill and prosperity. That voyage would open the doors of trade with the vast, untapped markets of Asia, and help usher in what became known as the ‘American Century’.

“President Roosevelt’s leadership put the world on notice that the United States of America – with the freest, most dynamic economy the world had ever seen – was open for business.  

“It’s a legacy felt to this day - but a legacy now in jeopardy.  

“We’re all keenly aware of just how serious our nation’s current fiscal situation is. No American family could spend 60 percent more than it’s taking in and survive – no less prosper – but that’s exactly what our country is doing.

 “The result is a $1.5 trillion deficit, and a $14 trillion debt that is dragging down our economy and burdening us and our children. 

“To put all that in human terms, nearly 14 million of our fellow Americans are without a paycheck, and they have been for some time.  

“To turn that around, our country needs the kind of pro-jobs, pro-growth policies that will help us live up to our vision of a strong, peaceful, prosperous America.  

“We have an opportunity right now to advance that vision and jumpstart the nation’s economy. Robust international trade can help us do it, and we can start by ratifying long-pending free-trade agreements with South Korea, Colombia, and Panama.  

“All of these agreements have been languishing for years, but with a 9.1 percent unemployment rate, and a spiraling deficit, the President can no longer hold these agreements back. Currently, he is holding them up in order to negotiate the Trade Adjustment Assistance Program. TAA can be addressed separately in the context of Trade Promotion Authority, as it generally has been in the past since 1974.  

“For the good of our economy – and our country – he needs to send these free agreements to the U.S. Senate for approval now, so that U.S. workers and businesses can begin to realize their benefits. 

“You know, I recently had an opportunity to travel to South Korea with Senate Minority Leader Mitch McConnell and a group of senators to meet with President Lee Myung-bak and prominent Korean business leaders about the U.S.-South Korea Free Trade Agreement.  

“President Lee said he believes Korean lawmakers will approve the free trade agreement, but they’re waiting for America to lead the way. 

“They want and expect us to lead the way because – to South Korea and nations around the world – America has always been a beacon of liberty and opportunity.  

“Nearly everyone we spoke with in Korea – on the street or the meeting room – expressed their deep appreciation to the United States, and especially to our military and our veterans.  

“They’re keenly aware that U.S. service members sacrificed so much to give them a free society and a free-market economy where they could pursue their dreams. 

“South Korea is now a prosperous, modern nation, with a $1 trillion economy, and 49 million consumers, in large part because American service members won and now help preserve the peace. Korea is the 15th largest economy in the world, and our country’s 7th largest trading partner. 

“Per capita income in South Korea today is more than $20,000 annually. In communist North Korea? Just over $1,000 annually. A free and open economy made the difference. 

“Today, again, America needs to lead the way, starting with the President. 

“The U.S.-South Korea Free Trade Agreement will eliminate or reduce more than 85 percent of the tariffs between the United States and Korea, including the eventual elimination of a 40 percent Korean tariff on American beef.  

“Just one project we’ve been working on in my home state, a new beef processing facility, could mean a $100 million investment in our economy and 500 new jobs. In North Dakota that’s a big deal. 

“But these free trade agreements are an even bigger deal for America. The South Korean Free Trade Agreement alone will increase our nation’s exports to that country by more than $10 billion and create 280,000 American jobs. In fact, for every 4 percent increase in American exports, we can create one million new American jobs. 

“The reality is that nearly 80 percent of the world’s purchasing power lies outside the United States, and if we don’t tap those markets, others will. 

“Free and fair trade agreements can help us create the kind of pro-jobs, pro-growth economy that will lift our nation up. Good fiscal control and a legal tax, and regulatory environment that promotes private investment and business innovation, can help us to create jobs, grow our economy, and reduce our deficit. 

“We need to build on the legacy of President Roosevelt’s Great White Fleet by ratifying these free trade agreements, so that instead of a debt, we can leave our children a bright, dynamic future. 

“Thank you, and God bless.”