By Kenneth Rapoza, China Expert/Industry Analyst for the Coalition for a Prosperous America
The Senate's recently passed "China bill" (U.S. Innovation and Competition Act) is now being worked on in the House. They want to do their own version of the bill. In the Senate bill, big corporate lobbyists managed to get a few key Republicans to include a trade provision that would more quickly remove the Trump-era China trade war tariffs. Now those same groups, including trade organizations like the California Retail Association and even the American Petroleum Institute, are lobbying the House Democrats to do the same. This would greatly weaken the trade war tariffs, a win for China.
Companies had two years
to find new supply lines. They did not. This effectively says China is the
go-to manufacturer, and we all want to keep it that way. The Senate China bill
mostly passed along party lines, with only true believer old school "free
trader" Republicans signing onto it with all the Democrats (minus Bernie).
Majority of GOP in Senate did not sign onto that bill, saying it was too weak
on China. [more...]
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