U.S.-China relations demand a change in approach to benefit working families.
The legislation aims to counter China’s economic aggression and protect national security.
The U.S. must prioritize technological edge, capital formation, and supply chain resilience.
Recent deliberations of the panel on finance, accommodation, and urban affairs focused on combating China. Initiatives aimed at bolstering American national defense, the economy, and diplomatic relations were included in this category.
According to reports, the discussion was headed by Chairman Sherrod Brown and Ranking Member Tim Scott. They discussed how the United States had been affected by China’s aggressive economic behavior.
Chairman Brown Exposes China’s Favoritism Towards Multinationals
Brown pointed out that past policies with China benefited multinational corporations at the expense of working families and national competitiveness. Citing Ohio’s loss of over 276,000 manufacturing jobs, Brown emphasized the need for a change in approach.
Moreover, he noted that the Committee had pursued legislation like the FEND Off Fentanyl Act, aiming to combat illicit drugs and protect U.S. national security and economic interests. Their efforts seek to mitigate the damage caused by these substances and safeguard the nation’s well-being.
Tim Scott Calls for Stronger U.S. Leadership
On the same note, Ranking Member Scott emphasized the need for strong U.S. leadership amid global threats. He also denounced China’s coercive economic strategies, intellectual property theft, and other detrimental actions.
Furthermore, his recent proposal, the Know Your App Act, aims to protect American data from foreign adversaries. Consequently, Scott further called for less burdensome regulations for U.S. businesses and the strategic use of economic security tools against China’s economic aggression.
Based on the report, Brown and Scott acknowledged China as a significant challenge to U.S. national security and economic security. They advocated for legislation and measures that protect American interests while promoting domestic growth and competitiveness.
In conclusion, the hearing emphasized the urgency for the U.S. to sustain its technological superiority and foster capital formation. This comes in response to China’s increasing strength and aggression, making it crucial to secure the resilience of supply chains.