I hope your weekend is going well. I wanted to take a moment to give you a quick update on some important legislation to help make our nation's economy more competitive in the international marketplace.
Trade Only Works If It's Free AND Fair
American workers, farmers, and manufacturers are the hardest working and most productive people in the world. And if they're given a level playing field, they can compete and win against anyone in the world.
Unfortunately, America has made trade agreements that allow other countries to put massive tariffs on our products without any repercussions. For example:
- China puts a 25% tariff on American automobiles, but America only imposes a 2.5% tariff on automobiles from China.
- European Union puts a 68.2% tariff on American butter, but America only imposes a 2.8% tariff on butter from the European Union.
- India puts a 100% tariff on American motorcycles, but America only imposes a 2.4% tariff on motorcycles from India.
These are massive differences for our workers, farmers, and manufacturers.
Why would any foreign country voluntarily come to the bargaining table to make trade more free and fair if they are at such an advantage?
They haven't. And they won't without pressure to change their ways.
That's why later this week, I plan to introduce the U.S. Reciprocal Trade Act, which would give the President the tools necessary to pressure other nations to lower their tariffs and stop taking advantage of America.
This is an important note: the goal of the U.S. Reciprocal Trade Act is NOT to raise America’s tariffs but rather to encourage the rest of the world to lower theirs.
Strong checks and balances on the executive branch are important as well. Such checks on the executive's power include a three-year sunset provision, an override provision, full consultations with Congress, and a public comment period.
The American people deserve FREE and FAIR trade, and the Reciprocal Trade Act will be an important step in achieving that goal.
Click HERE or the image below to watch a short interview about the Reciprocal Trade Act on Fox Business Network.
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