On June 29, President Obama signed into law the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 and the Trade Preferences Extension Act of 2015. As King & Spalding reported on June 26, the Bipartisan Congressional Trade Priorities and Accountability Act of 2015 provides the President with Trade Promotion Authority, and the Trade Preferences Extension Act of 2015 extends the Trade Adjustment Assistance (“TAA”) program.

Through its trade agreements, the United States seeks “to unlock opportunities for American manufacturers, workers, service providers, farmers, and ranchers—to support job creation and wage growth.” There is a recognition, however, that certain sectors of the U.S. economy may suffer harm from increased import competition. Thus, an essential prerequisite to Trade Promotion Authority was extension of the TAA. Historically, TAA benefits have been provided to workers and firms negatively affected by trade agreements. Under the new legislation, TAA will provide benefits to workers who have been harmed by trade regardless of whether the United States has a trade agreement with the country in question. This means that workers negatively affected by trade with countries such as China and India will again be eligible for benefits under the program.