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Trade Act 2002 Fact Sheet

I will use trade promotion authority aggressively to create more good jobs for American workers, more exports for American farmers, and higher living standards for American families.
President George W. Bush
August 6, 2002

On August 6, 2002, President George W. Bush signed the Trade Act of 2002. As trade is an important source of good jobs for American workers and higher growth for the economy, this legislation gives the President "Trade Promotion Authority" which puts America back in the business of promoting open trade to build prosperity and spur economic growth.

The President will use Trade Promotion Authority to create more good jobs for American workers, more exports for American farmers and higher living standards for American families.

Since TPA lapsed in 1994, the United States has been sidelined while other countries have brokered trade deals. There are about 190 preferential trade agreements in the world today, and the United States is a party to only 3. While we have been delaying, other countries have been negotiating better access for their exports.

Increased trade will help our workers, farmers, businesses, and economy by enhancing employment opportunities, opening more markets to American goods and services, and increasing choices and lowering costs for consumers.

Trade Promotion Authority will:

  • Expand markets for American goods and services
  • Create higher-paying American jobs
  • Tap the most productive workforce in the world
  • Promote economic security for America
  • Boost productivity
  • Provide a shot in the arm for America's small- and medium-size businesses that employ 3 out of 4 American workers
  • Invigorate local communities and their economies
  • Strengthen the American dream by creating an environment where individuals can work hard, buy a home, and provide a better life for themselves and their families

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