Ways and Means, Finance Leaders Introduce Approval Bill for Taiwan Trade Deal
Although the U.S.-Taiwan Initiative on 21st Century Trade does not change tariffs, and therefore the administration says no legislative approval is needed, the chairmen and ranking members of the House and Senate committees that deal with trade have introduced a bill that would give it congressional approval.
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The bill also "imposes new congressional consultation and transparency requirements on the Administration with respect to the negotiation of any subsequent agreements arising under the initiative," the men said in a news release published June 9.
“The United States and Taiwan share democratic values, deep economic ties and strong people-to-people connections,” Senate Finance Committee Chairman Ron Wyden said. “Those links have formed the basis of constructive trade discussions. My colleagues and I want to ensure these agreements have the support and durability of a bipartisan approval process behind them.”
House Ways and Means Chairman Jason Smith said, "While Congress should have been in the driver’s seat from day one in these trade negotiations, it is imperative that we act now in a bipartisan manner to support this early agreement with Taiwan, require that Congress be consulted on and approve any future trade steps with Taiwan, and ensure any such future agreements like this are only established through robust Congressional consultation and a vote of approval."
Finance Ranking Member Mike Crapo added: "Congress is ready to pursue an ambitious trade agenda on a bipartisan basis. The Administration should recognize it is now time to negotiate real agreements with market access."