blogs.wsj.com — With the unemployment rate in double-digit territory, the Obama administration is turning to trade policy as a potential balm for the ailing labor market.
By increasing exports to rapidly growing countries like China and India, the U.S. could put a dent in joblessness and foster long-term economic growth without stressing the federal budget. But overhauling export policy is part of a White House approach that is in the early stages of execution.
Obama officials want to change outdated U.S. export controls, make it easier for foreign executives to travel to the U.S. and strengthen protections of intellectual property. One difficulty they face is making it easier for companies shipping products overseas to obtain necessary financing and credit from banks. And firms still face intellectual property rights and foreign-exchange issues.
Some, including the U.S. Chamber of Commerce, complain that as long as a trio of stalled free trade agreements remain unratified, the administration is shunning the most direct way to quickly lift exports. Its stance on trade agreements with Colombia, South Korea and Panama is still unclear.
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