US Lawmakers Aim to Rebalance Trade with China

The Restoring Trade Fairness Act, introduced by Rep. John Moolenaar, seeks to revoke China's Permanent Normal Trade Relations status with the U.S., to address unfair trade practices. Aimed at boosting tariffs on Chinese goods, the bill is backed by bipartisan support and highlights concerns over U.S. security and economic dependence.

The Restoring Trade Fairness Act, a significant legislative move by Congressman John Moolenaar, intends to terminate China's Permanent Normal Trade Relations (PNTR) status with the U.S. The bill, introduced on Thursday, aims to counter what experts identify as China's exploitative trade practices, which have been detrimental to American workers and industries.

In 2000, Congress granted China PNTR status to encourage the Chinese Communist Party's economic liberalization as part of the World Trade Organization agreement. However, critics argue this policy facilitated the growth of China's state-controlled economy, outsourcing U.S. jobs and compromising domestic industry.

The proposed legislation suggests a phased increase in tariffs—35% on non-strategic goods and 100% on strategic items including semiconductors. This move is intended to curb China's advantages and strengthen national security, garnering bipartisan support as U.S. lawmakers reassess economic ties with China.

(With inputs from agencies.)