[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.