Washington, D.C. – U.S. Senator Marco Rubio (R-FL) released the following statement after President Trump announced trade actions on $50 billion in Chinese goods containing industrially-significant technologies.
“This is an excellent move by President Trump. China is systematically stealing the fruits of American innovation in an attempt to displace us as the most powerful economy and military in the world. Hitting China with a ‘Theft Tax’ isn’t protectionism; it’s American leadership. I strongly support the President’s Section 301 trade actions.”
Senator Rubio first called for trade actions against China utilizing the Administration’s authority under Section 301 of the Trade Act of 1974 in a March op-ed for the New York Times. China’s theft of American intellectual property costs the United States as much as $600 billion annually, eclipsing the combined profits of the top 50 companies in last year’s Fortune 500 list.
Last month, Rubio introduced the Fair Trade with China Enforcement Act, which targets China’s tools of economic aggression to make American advanced manufacturing more competitive against unfair trade practices and guard against Chinese influence in the United States. U.S. Representatives Mike Conaway (R-TX) and Tim Ryan (D-OH) introduced House companion legislation, and the bill has been endorsed by the Coalition for a Prosperous America.