“China has been a ‘Serial Violator’ of WTO for Many Years”
It is a good thing that China and the United States are now talking to each other on trade, but China has been a “serial violator” of the World Trade Organization (WTO) for years, Rep. Jeb Hensarling (R-TX) said Thursday.
“It is just not the type of economy that lives within the spirit of the letter of the law of the WTO,” Mr. Hensarling told Maria Bartiromo in a TV interview Thursday morning
He said he had just returned from Beijing, where he was a part of a Congressional delegation, and met with leaders to pass on the message that the United States is serious about trade, and not just because President Donald Trump is in office.
“Do not think you will wait out our Congressional election or Presidential election,” Mr. Hensarling said of his message. “We are very serious. You cannot continue to expropriate, by hook or crook, our intellectual property and technology.”
The other message was that America does not want China to be impoverished, but to succeed, said Mr. Hensarling.
“You can’t take away our competitive edge, which is in intellectual property and technology,” said the GOP Congressman. “I am encouraged. I know the president believes that China in some respects has more to lose than we have to lose, because their economy is much more trade dependent, but on the other hand, their politics is such they can be very patient…I was encouraged by things I heard in Beijing.”
“The Wall Street Journal has it wrong, we are under no pressure to make a deal with China, they are under pressure to make a deal with us,” President Trump wrote onTwitterThursday morning. “Our markets are surging, theirs are collapsing. We will soon be taking in Billions in Tariffs & making products at home. If we meet, we meet?”
The newspaper reported Wednesday that Treasury Secretary Steven Mnuchin had extended the offer to Chinese officials, though a spokesperson for Secretary Mnuchin declined to comment. This was confirmed by White House National Economic Council Director Larry Kudlow in a nationally televised interview on Wednesday.