Sen. Bill Hagerty, R-Tenn., warned against President Biden's removal of China trade tariffs on "Mornings with Maria" Wednesday, arguing the "misguided policy" will lift the only leverage the U.S. has in place to ensure stable trade relations and control "rampant" inflation.
SEN. BILL HAGERTY: It's another misguided policy. If you think about what the Chinese Communist Party has seen with Joe Biden, it's been a gift from day one reentering the Paris Climate Accords – China laughs all the way to the bank on that. If you look at our energy policies here in America, just broadly speaking, it's a huge benefit to China. Now they're talking about lifting the only leverage that we've got in place right now to bring China to more normalized trade relations with us?
Look, I was ambassador to Japan working hard on our trade deal with Japan. At the same time, Bob Lighthizer, his team was working on putting these tariffs in place on China. We didn't have rampant inflation after the tariffs were installed, but we did have leverage. What the Biden administration wants to do is give away that leverage and get nothing for it in return.
I can understand why Katherine Tai, the current trade representative, doesn't want to do this. It's just another gimmick that the Biden administration is pursuing. And again, a net benefit to China.
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