USTR Katherine Tai was repeatedly taken to task by farm state senators in Wednesday’s Senate Finance Committee hearing for what they see as lackluster attempts at opening markets for U.S. agriculture exports.
The CPA Domestic Market Share Index (DMSI) rose slightly for both Q4 2023 and the full year last year. The U.S. trade deficit in manufactured goods came in at an alarmingly high $1.07 trillion last year.
The Biden administration’s recently announced proposal to increase the steel and aluminum tariffs on Chinese products from 7.5% to 25% could be a mixed bag.
In 2022, during the last Congress, House Democrats passed the Import Security and Fairness Act, which would deny de minimis treatment for all Chinese merchandise.
After three years of languishing in limbo, the Generalized System of Preferences (GSP), a quasi-free trade deal with more than 100 developing nations, will move out of the House Ways and Means Committee to the full House.
At a time when China continues its attempts to decimate American manufacturers and workers through predatory trade activity, Chairman Jason Smith’s leadership on trade issues has been a welcome improvement over previous chairs that have rubber stamped failed free trade programs.
USTR Katherine Tai sat for a two hours-plus hearing with the House Ways and Means Committee on Tuesday to discuss trade matters and was met early on by some staunch criticism.
Biden called on USTR Tai to consider tripling the existing 301 tariff rate on Chinese steel and aluminum, and to investigate China’s unfair trade practices in shipbuilding, maritime and logistics sectors.
How bad does Beijing’s behavior have to become before the U.S. stops talking with China? It’s time to take pragmatic steps, including the removal of China’s MFN, to protect our national interest.
These 5 bills have the potential of dealing a debilitating blow to Wall Street’s underwriting of CCP-controlled companies.
