A bipartisan US committee on Tuesday called for a “reset” of Washington’s economic ties with Beijing, laying out a more aggressive approach in handling competition with China
The 53-page report released by the House of Representatives Select Committee on the Chinese Communist Party (CCP) came after it held hearings and met with industry officials and experts.
“The United States must now chart a new path that puts its national security, economic security, and values at the core of its economic engagement with the PRC [People’s Republic of China] and invests in long-term American technological leadership,” the report said.
Photo: AP
While many recommendations might not immediately be taken up by lawmakers, the proposals could lead to bipartisan legislation. Its recommendations include moving China from its tariff classification to ensure the country abides by its trade commitments.
The committee said that China’s accession to the WTO in 2001 “undermined and impaired” benefits that the US and other economies expected to get from expanded trade ties with the country.
It added that China had not embarked upon structural reforms expected and failed to live up to WTO principles.
Another recommendation was to renew the “China Safeguard mechanism” allowing tariffs or other restrictions to be imposed without having to prove unfair trade practices.
The report also suggested a stress-test of US banks “for their ability to withstand a potential sudden loss of market access” to China in case of a possible conflict involving the world’s two biggest economies.
Other recommendations spanned import duties on legacy semiconductors from China and potential trade agreements such as with Taiwan.
Committee chairman Mike Gallagher and ranking member Raja Krishnamoorthi said in a statement that the recommendations would help prevent the flow of US capital and technology from supporting China’s military advances and human rights abuses.
They are also aimed at boosting economic resilience and ensuring “American leadership for decades to come,” they said.
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