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The status of trade policy in the United States is a cause of deep concern. The nation's trade deficit reached a record level in 2006 and remains near that level, sending our accumulated international investment imbalance to an all time high. At the same time, ongoing trade liberalization efforts - the negotiation of the multilateral Doha Round, and attempts to finalize other bilateral agreements-have lost momentum, and the current recession can be expected to fuel protectionist sentiment. Still, the significant long-term benefits of open trade to the American economy have been widely demonstrated. Trade gives our economy lower-cost goods and gives our companies the resources to be competitive. Trade is a substantial part of the exceptional dynamism that creates jobs and growth in America.
CED's work on trade reflects these benefits and offers support for wage-insurance and other programs that speed adjustment by dampening the costs to those disadvantaged by trade. CED recognizes that there are some workers for whom job loss may present extremely difficult circumstances, in part because they may lack the skills or the training to reenter the workforce. Our work recognizes the legitimacy of their needs, eschews a "one size fits all" approach, and makes every possible effort to encourage their reemployment.
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