Trade Adjustment Assistance - TAA

AAA

DEFINITION of 'Trade Adjustment Assistance - TAA'

An unemployment assistance program offered in the United States to workers who have lost jobs due to the effects of international trade, specifically increased imports. The Trade Adjustment Assistance (TAA) program provides job training and employment search services, as well as income and insurance assistance. In order to qualify for assistance, a group of workers must file a petition (or have one filed on their behalf) indicating that they have lost their jobs or have had reduced hours as the result of foreign trade. The program is administered by the Office of Trade Adjustment Assistance (OTAA).

INVESTOPEDIA EXPLAINS 'Trade Adjustment Assistance - TAA'

The legislation and program were desinged to reduce the impact on the U.S. job market due to the rise of globalization. There have been additional related programs such as the Trade and Globalization Adjustment Assistance Act (TGAAA) of 2009, which was a result of the worldwide economic downturn stemming from the 2007-2009 financial crisis. As companies closed down production and manufacturing and moved the jobs offshore, some unemployed persons found themselves lacking the skills for other job types while simultaneously experiencing mortgage defaults and credit problems. Fewer than 100,000 individuals were using the program as of 2011.

RELATED TERMS
  1. Trade Adjustment Allowance

    A federal government subsidy paid to individuals who have lost ...
  2. Trade Liberalization

    The removal or reduction of restrictions or barriers on the free ...
  3. Terms of Trade - TOT

    The value of a country's exports relative to that of its imports. ...
  4. World Trade Organization - WTO

    An international organization dealing with the global rules of ...
  5. General Agreement On Tariffs And ...

    A treaty created following the conclusion of World War II. The ...
  6. Protectionism

    Government actions and policies that restrict or restrain international ...
Related Articles
  1. Exploring The Current Account In The ...
    Economics

    Exploring The Current Account In The ...

  2. Sell Your Skills, Not Your Degree
    Professionals

    Sell Your Skills, Not Your Degree

  3. What Is International Trade?
    Personal Finance

    What Is International Trade?

  4. Globalization: Progress Or Profiteering?
    Economics

    Globalization: Progress Or Profiteering?

comments powered by Disqus
Hot Definitions
  1. Letter Of Credit

    A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. ...
  2. Due Diligence - DD

    1. An investigation or audit of a potential investment. Due diligence serves to confirm all material facts in regards to ...
  3. Certificate Of Deposit - CD

    A savings certificate entitling the bearer to receive interest. A CD bears a maturity date, a specified fixed interest rate ...
  4. Days Sales Of Inventory - DSI

    A financial measure of a company's performance that gives investors an idea of how long it takes a company to turn its inventory ...
  5. Accounts Payable - AP

    An accounting entry that represents an entity's obligation to pay off a short-term debt to its creditors. The accounts payable ...
  6. Ratio Analysis

    Quantitative analysis of information contained in a company’s financial statements. Ratio analysis is based on line items ...
Trading Center