Cummins Inc. commends the introduction of bi-partisan trade legislation by Senators Orrin Hatch (R-UT), Ron Wyden (D-OR) and Congressman Paul Ryan (R-WI) to update and renew Trade Promotion Authority (TPA) and urges Congress to approve it.
"The United States is pursuing one of the most important trade agendas in many years and we urge Congress and the President to work together to enact TPA legislation as soon as possible," says Tom Linebarger, Chairman and Chief Executive Officer, Cummins Inc., and Chair, Business Roundtable International Engagement Committee. "Trade Promotion Authority strengthens the hands of U.S. negotiators and will help ensure the best possible outcome in our global trade deals. These trade agreements provide enormous benefits to the United States by increasing the number of consumers for the products made by the employees of small and large businesses throughout the U.S."
Ninety-five percent of the world's consumers live outside the U.S. and international trade already supports more than one in five American jobs. U.S. job growth between 2004 and 2013 was three times higher for trade-related jobs compared to average job growth. And trade-related jobs pay 13 to 18% more than the average U.S. wage.
"Creating opportunities for American companies to reach customers through 21st century trade agreements can help fuel our economy and keep the United States globally competitive," says Linebarger. "Passing TPA as soon as possible is critical to helping create new trade and growth opportunities for the U.S. economy, supporting jobs for American workers and farmers and strengthening communities across the United States."
International trade has been the most important driver of growth and hiring at Cummins for more than a decade. Cummins exported approximately $3 billion in U.S.-made engines, generators and related products in 2014, and nearly half of Cummins' sales were to customers outside the U.S. Cummins exports products from plants in Columbus and Seymour, IN Nashville, TN; Charleston, SC; Fridley, MN and Jamestown, NY. Like most international companies, as Cummins grows globally more quality jobs are added in the United States.