U.S. and China End their Trade Conflict
U.S. and China are nearing an agreement that would end their trade conflict, U.S. Trade Representative Robert Lighthizer told the Senate Finance Committee.
Our hope is we are in the final weeks of having an agreement. We have to maintain the right to be able to — whatever happens to the current tariffs — to raise tariffs in situations where there’s violations of the agreement. I can’t predict success at this point, but we’re working hard and we have made real progress. We are going to have an enforceable agreement, or the president won’t agree to the agreement,
Under President Trump’s leadership, U.S. trade has surged. From 2016 to 2018, total U.S. exports grew by 12.8 percent. Over the same period, total U.S. imports grew by 14.8 percent. Last year, Americans exported almost $2.5 trillion worth of goods and services – an all-time high. Meanwhile, the United States created 264,000 new manufacturing jobs last year – the largest such figure in 21 years – and we had the strongest economic growth of any country in the G-7. These are encouraging figures, but of course we want to do even better.
Opening Statement by U.S. Senator Chuck Grassley (R-Iowa), Senate Finance Committee Chairman on the Road Ahead for the World Trade Organization
U.S. Senator Pat Roberts (R-Kan.) questioned U.S. Trade Representative Ambassador Robert Lighthizer on key barriers to trade for U.S. farmers and ranchers during a Senate Finance Committee hearing titled, “Approaching 25: The Road Ahead for the World Trade Organization (WTO).”
U.S. Senator Johnny Isakson, R-Ga questioned U.S. Trade Representative Ambassador Robert Lighthizer on steel and aluminum that affect Georgia industries, as well as on trade policies that affect agricultural products and the movie industry.
U.S. Senator Rob Portman (R-Oh) questioned U.S. Trade Representative Ambassador Robert Lighthizer on the switching the WTO from a consensus-based to a majority- or supermajority-based system.
U.S. Senator James Lankford (R-OK) questioned U.S. Trade Representative Ambassador Robert Lighthizer on WTO’s ruling against China’s trade violations.
The entire Senate Finance Committee Hearing on “The Road Ahead for the WTO” at senate.gov