At Finance Committee hearing, Crapo says effective trade policy can counter challenges from China
Washington, D.C.--In his opening statement before today’s Senate Finance Committee hearing on “U.S.-China Relations: Improving U.S. Competitiveness Through Trade,” U.S. Senator Mike Crapo (R-Idaho), Ranking Member of the Committee, stressed the need for policies that reflect America’s ingenuity and values to counter threats posed by China.
“China is a potent challenge to the United States on several levels--economic, strategic and moral,” Crapo said. “Republicans and Democrats can--and should--work together to formulate a China policy that can effectively confront these challenges. There is no need for a Republican or Democrat policy on China; just an American policy.”
Video of Senator Crapo’s opening statement can be accessed by clicking HERE or the image above.
“We should not close off our market or engage in protectionism. China closes off its market and provides distortive subsidies to create national champions. We do not fear competition; we embrace it because America’s workers, farmers and businesses have always confronted challenges head on. . .
“We need to cut tariffs on inputs that support American manufacturing, or on goods consumed by the American consumer, especially middle and low income families.
“We can achieve that through programs like the Miscellaneous Tariff Bill, and through thoughtful application of the Section 301 tariffs on China.
“In terms of innovation, we should pursue policies that promote and reward creativity, such as strong intellectual property protections.
“The answer is not to construct our own restrictions on data and information, or create some social credit score for U.S. companies. . .We must directly target those actions that take aim at U.S. companies.
“We must also negotiate and enforce strong rules through new trade agreements, including at the World Trade Organization.
“China’s human rights abuses are appalling. The Communist regime set its tone on human rights at its inception, and it has not improved since.
“What will bring down those abuses is not U.S. disengagement, but facilitating the opportunity for the Chinese people to engage themselves.
“Domestically, we have to stay true to our processes. That means our approach is shaped by a course that reflects our American tradition of building consensus through dialogue and debate.”
To read Ranking Member Crapo’s full remarks at today’s hearing, click HERE.