For Our China Trade Emergency, Dial Section 301
Ten years ago this fall the Senate sold out American manufacturing. By a vote of 83 to 15, it established so-called permanent normal trade relations with China, paving the way for that country to join the World Trade Organization. As a result, Chinese imports to the United States fell under the same low tariffs and high quotas as those from countries like Canada and Britain.
Today, though, our trade relations with China are anything but normal. The 2000 agreement’s proponents insisted it would enable a billion Chinese consumers to buy American products. Instead, our bilateral trade deficit has increased 170 percent, largely because China has undermined free-market competition through illegal subsidies and currency manipulation.… Seguir leyendo »