Testimony Before the Senate Finance Committee on Combating Unfair Trade Practices in the Innovation Economy

Robert D. Atkinson May 22, 2008
May 22, 2008

In testimony before the Senate Finance Committee, ITIF President Rob Atkinson described the growing array of mercantilist trade policies that nations have enacted to unfairly disadvantage foreign – including U.S. – technology products. This new wave of protectionism, which is designed to unfairly erode U.S. technology leadership, includes a range of policies – from discriminatory taxes and tariffs to efforts to block market access – that run counter to the spirit of mutually-beneficial free trade. To combat these practices, Atkinson expressed support for the Trade Enforcement Act of 2007 currently under consideration, and argued further for the enactment of a 25 percent tax credit for corporate expenditures related to bringing WTO cases to fight mercantilist practices. Stronger trade enforcement promises not only to help American workers and firms, but also ensures that the United States continues to lead the world in supporting an international free trade regime that will bring robust and sustainable prosperity, both domestically and abroad.