    [Public Papers of the Presidents of the United States: William J. Clinton (1994, Book II)]
    [August 4, 1994]
    [Page 1432]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement by the Press Secretary on Support From Economists for
    Prompt Ratification of the GATT Agreement
    August 4, 1994

        The President received a letter today from 446 economists urging
    Congress to approve the Uruguay Round agreement immediately. The
    President welcomed their support, saying, ``Economists know that the
    GATT agreement will help ensure long-term economic growth for America.
    GATT will add as much as $100 to $200 billion to the United States
    economy every year when fully implemented. That means hundreds of
    thousands of new jobs for American workers. Congress should pass GATT
    now so that the American people can begin to reap the benefits of
    expanded world trade as soon as possible.''
        Three of the economists signing the letter had also signed the
    famous 1930 letter to President Hoover that warned against passage of
    the Smoot-Hawley Tariff Act. The President expressed his appreciation
    for their counsel: ``In his NAFTA debate last year, Vice President Gore
    made clear that the Smoot-Hawley Act sharply increased U.S. tariffs and
    helped touch off the Great Depression. More than 60 years ago, these
    three men were wise enough to champion free trade and economic growth in
    the face of tremendous public opposition. We should heed their advice
    today and pass the GATT now.''

    Note: The letter from the economists was also made available by the
    Office of the Press Secretary.