China's antagonistic foreign policy and manipulative economic practices have Washington lawmakers rethinking the decades-old preferential trade treatment that the U.S. bestows on the communist regime.
Critics of the Clinton-era policy endowing Beijing with Permanent Normal Trade Relations status, which was previously known as Most Favored Nation status or MFN, say the U.S. is unduly rewarding the Chinese Communist Party at the expense of American jobs and national security.
Should China lose its status with the U.S., its goods would be lumped in the same category as those coming out of other trade pariahs including Cuba, North Korea, Russia and Belarus. The U.S. suspended its normal trade relations with Russia in Belarus last year in response to the invasion of Ukraine.
He even went a step further in a campaign video earlier this week in which he laid out his 2024 vision for holding Beijing accountable, saying he also would impose a “bold series of reforms to completely eliminate dependence on China in all critical areas.” Still, no Democrats have come forward in support of the Senate legislation to walk back China’s permanent trade status.
Revoking China’s premium trade status would likely increase tariffs on Chinese goods and inflict higher costs on American businesses and consumers. Trade analysts said the policy meant to crack down on China’s abuses backfired on American consumers.
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