Ways and Means Committee Chair Says Trade Top Priority in September
House Ways and Means Chairman Jason Smith, R-Mo., said that once the tax bill passes -- which he is expecting to happen by July 4 -- his top priority will be turning to trade.
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"There's a lot of trade items we're going to need to discuss," Smith said at a Q&A at the Economic Club of Washington, D.C.
He didn't name any particular bills or initiatives, but the African Growth and Opportunity Act, which Smith supports, expires at the end of September, as do trade preference programs for Haiti.
Smith's rural district grows rice, corn and cotton, and produces beef cattle, and Smith, who owns a cattle operation himself, said, "We need new markets."
Smith said that he's thrilled with the U.K. trade deal announced recently by President Donald Trump, and said its agriculture gains are "exponentially impressive."
The White House said the zero tariff on ethanol and the larger tariff rate quota for U.S. beef are worth $700 million and $250 million annually, respectively. Only beef that wasn't treated with hormones to grow faster can be sold in Britain.
Last year, the U.K. purchased $535 million in American ethanol and $32 million in American beef.