Bipartisan Committee CALLS for END of Chinaās Trade Status: A Potential Jolt to US Economy
ā A bipartisan committee, led by Rep. Mike Gallagher (R-WI) and Rep. Raja Krishnamoorthi (D-IL), has been studying the economic effects of China on the US for a year. The investigation centered on job market changes, manufacturing shifts, and national security concerns since China joined the World Trade Organization (WTO) in 2001.
The committee released a report this Tuesday recommending President Joe Bidenās administration and Congress to implement nearly 150 policies to counteract Chinaās economic influence. One significant suggestion is to cancel Chinaās permanent normal trade relations status (PNTR) with the U.S., a status endorsed by former President George W. Bush in 2001.
The report argues that granting PNTR to China did not bring anticipated benefits for the US or trigger expected reforms in China. It asserts that this has led to a loss of vital U.S. economic leverage and inflicted damage on U.S industry, workers, and manufacturers due to unfair trade practices.
The committee proposes shifting China into a new tariff category that reinstates U.S economic leverage while reducing dependence on Chinese