[Congressional Record (Bound Edition), Volume 150 (2004), Part 5]
[Senate]
[Page 5952]
[From the U.S. Government Publishing Office, www.gpo.gov]




                  JUMPSTART OUR BUSINESS STRENGTH BILL

  Mr. COCHRAN. Mr. President, one of the serious problems facing the 
Senate is the passage of the Jumpstart Our Business Strength, or JOBS, 
bill. The Senate needs to pass this bill now.
  Since the World Trade Organization has ruled against the United 
States over our foreign sales corporation and extraterritorial income 
tax rules, we have had ample time to address this issue. The Senate 
Finance Committee reported legislation which would bring the United 
States into compliance with our trade obligations on October 1, 2003.
  Today, the European Union's 5-percent tariff will increase to 6 
percent, and every month it will increase another percent. This will 
make American agricultural and manufactured products increasingly less 
competitive in international markets.
  Exports of U.S. agricultural products will approach $60 billion this 
year. If we allow the EU to continue with these tariffs, we will 
continue to lose market share and export opportunities. When our farm 
exports are pressured, the truckers, rail lines, and shippers feel the 
ill effects.
  The EU retaliation list includes about 400 agricultural, food, and 
forest product tariff lines of imports from the United States.
  These are very serious threats to our American agricultural economy, 
and this is why. The values of our annual exports to the EU are live 
animals, $23.7 million; meat and meat products, $44.4 million; 
vegetables, $35.6 million; oil seeds, $64.6 million; rawhides and 
skins, $41.3 million; wood products, $140 million; sugar and 
confectionery products, $21.2 million. The annual total of all these 
and other agricultural products amounts to more than $691 million a 
year.
  Let me also remind everyone that much of the food industry operates 
on very small profit margins. So the initial tariff increase of 5 
percent, plus the additional 1 percent per month, can have a serious 
effect.
  Also, the EU currency has been very strong against the U.S. dollar. 
This means it has been comparatively easier for our trading partners in 
Europe to buy our products, but the import tariff erodes that advantage 
and makes it easier for competitors--other countries--to take away our 
markets in the European area.
  It is my hope that the Senate will complete action on the JOBS bill 
without any further delay so we can send that bill to the President, 
which he is prepared to sign immediately, so we can avert the lost 
sales, regain lost jobs in the agricultural sector, and restore hope in 
America's farms and factories.
  The PRESIDING OFFICER. The Senator from Nevada is recognized.

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