Nike Announces Possible U.S. Expansion Ahead of Obama Visit
Nike executives announced they will create 10,000 jobs in the United States if the proposed Trans-Pacific Partnership trade agreement comes to fruition. Obama is pushing the free trade agreement with 12 Asian nations as a way to “open up new markets and support high-quality jobs both for Oregon small businesses and large companies like Nike,” the White House said. Obama, who spent Thursday night in Portland, is expected to meet with Nike executives.
Nike said a reduction in footwear tariffs under the new agreement would allow the company to “accelerate development of new advanced manufacturing methods and a domestic supply chain to support U.S.-based manufacturing.”
Although Nike makes some components of its shoes in the United States, it has not assembled shoes there since 1984. The company employs some 26,000 people in America, but about 1 million overseas, with about one-third in Vietnam.
Obama is urging Congress to give him Trade Promotion Authority or “fast track” authority, which means Obama and his successor will be able to negotiate trade agreements with little input from lawmakers. Such authority is considered crucial to finalizing the Trans-Pacific Partnership, which would be the largest trade pact the United States has entered in more than 20 years.
