Rubio wants to clamp down on trade with China
This week, U.S. Sen. Marco Rubio, R-Fla., paired up with U.S. Sen. Tammy Baldwin, D-Wis., to bring out the “Fair Trade with China Enforcement Act” which, they insist, will “safeguard American workers and businesses from China’s economic cheating and unfair trade practices.”
Rubio’s and Baldwin’s bill would stop the sale of national security sensitive technology and intellectual property to China, ensure China is taxed for its holdings on the U.S. national debt and other investments in America and ensure the federal government doesn’t engage in businesses like Huawei and ZTE which are connected to the Chinese regime and have been accused of aiding in espionage.
On Thursday, Rubio offered his rationale for why he had brought out the legislation.
“As China undertakes a strategic effort to supplant and undermine America, we must protect our country by correcting an economic relationship that has become increasingly unbalanced,” Rubio said. “Our bipartisan bill will do just that by targeting China’s tools of economic aggression to guard the American people against its nefarious influence on national and economic security. How America responds to the growing threats posed by China is the single most important geopolitical issue of our time, and will define the 21st century.”
“In 2000, I voted against lowering tariffs on China and letting them into the WTO. China has refused to play by the international trade rules it agreed to and when China cheats, our Wisconsin workers and manufacturers lose. It’s time to hold bad actors like China accountable when they harm our economic interests and use unfair trade actions that disadvantage American workers,” said Baldwin. “This bipartisan legislation will take a stand against China’s economic aggression and address trade disparities that undermine the ability of American businesses to compete on a level playing field.”
The senators noted the trade deficit with China has quadrupled since that nation joined the WTO back in 2001. They also pointed to reports that Chinese companies steal around $600 billion annually in intellectual property from American companies.
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