House China Select Committee Meeting To Consider New Report

MNI London: The Republican-controlled House of Representatives Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party is holding a business meeting on adopting a report which could dramatically alter the US-China trade relationship, if ratified by Congress and the White House. LIVESTREAM

• The 53-page bipartisan report subtitled, "A Strategy to Win America's Economic Competition with the Communist Party of China," can be read here: LINK
• The report calls for a "reset" of the economic relationship with China; to "stem the flow" of US capital and technology to China which it argues is "fueling the PRC's military moderisation;" and to "build collection economic resilience in concert with allies."
• The report claims, “the CCP has pursued a multidecade campaign of economic aggression,” employed, “extensive mercantilist and coercive policies to hollow out the American economy,” and, “wielded extensive subsidies at unprecedented levels" to "strengthen indigenous industries" and decrease the PRC’s foreign dependence.
• The most potentially transformational recommendation is the expansion of Trump-era tariffs to include non-strategic goods not currently subject to levies. A study cited by the NYT notes such tariffs could cost the US economy USD$1.6 trillion over five years.
• Under the leadership of chair Mike Gallagher (R-WI), the House Select Committee on China has issued numerous statements which reflect the most hawkish Congressional position on China. That ultra-hawkish bent suggests that most recommendations are unlikely to become law, but, as NYT notes, "could provide a path toward some bipartisan legislation on China in the months to come."