Rep. Hill Talks Latest on China Trade Negotiations with Fox Business Network
Washington,
June 18, 2019
WASHINGTON, D.C. — Congressman French Hill (AR-02) recently joined Mornings with Maria on the Fox Business Network to discuss the latest developments on trade negotiations with China. Congressman Hill argued that in order to restructure longstanding trade disagreements, the United States must collaborate with our allies and use our strong economic position to leverage China into ending intellectual property theft and opening more markets to American products.
Restructuring and Rebalancing a Trade Deal with China This is a trade fight that has been two decades in the making since China joined the [World Trade Organization]. President Trump has got maximum pressure there. China’s economy has responded. But we are concerned about the impact of tariffs on not just American farmers, but if [President Trump] goes through with the trade tariff installation, the impact on inflation and the impact on consumers. But in my view, looking at numbers fully implemented, you are still seeing a very modest GDP impact in America, with more of that being borne on the troubled Chinese economy. I am concerned about the inflationary aspect of [tariffs] and concerned about the impact on consumers if it was fully implemented. What we need is a good deal with China that restructures and rebalances our arrangement and gets rid of their mercantilist policies they have pursued for 30 years. Working with Our Allies to Pressure China I think it takes more than the [United States] working alone. We need the support of Japan. We need the support of the European Union. Together, the EU, America, and Japan, make up 35% of two-way trade with China. That gives us more clout in arguing that we should end their mercantilist policies and their intellectual property theft. The deal that was in draft form took the first steps in two decades to rectify this approach that they have taken to global trade. We will benefit, the EU will benefit, and Japan will benefit. That is why America is being strong here. It’s so important that we need our allies to collaborate with us on this mission. Opposing Across the Board Tariffs I hope that tariffs are not here to stay. I have opposed across the board 232 steel and aluminum tariffs. I think they disrupted supply markets and hurt goods manufacturers in my district in Arkansas and elsewhere. But targeted pressure, like President Trump is using, has compelled China to the negotiating table—something we haven't seen. So that part is good. But we need a deal that both sides can declare something beneficial. We need to open markets for our goods in China. We need to end intellectual property theft. We need to get [china] more of a global player on a standard set of rules. Whether talking about lending money—one belt, one road—or whether talking about trade in their markets. |
