Statement by the Press Secretary on Support From Economists for Prompt Ratification of the GATT Agreement

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."