Pascrell Reacts to White House Announcement on 301 Tariffs and Investment Restrictions
PATERSON, NJ – Today, Representative Bill Pascrell, Jr. (D-NJ-09), the Ranking Member of the Ways and Means Subcommittee on Trade, reacted with caution to the Trump administration’s surprise announcement that it would issue trade sanctions against China.
“I have long called for meaningful action to curb China’s cheating – their protectionist policies and outright theft have flooded our market with subsidized goods, displaced our workers, and hurt our companies. Investment restrictions could be a fruitful tool in addressing Beijing’s unfair tech and intellectual property practices, and the threat of tariffs can if used wisely. But the rollout of these measures gives me pause. Seemingly no one knew this announcement was coming, including, possibly, even Treasury Secretary Steven Mnuchin. Just last week, Mnuchin said all tariffs were on hold and he provided no detail of Treasury’s report on investment restrictions.
“Coupled with today’s announcement, the chaos and incoherence of this administration’s approach is more head-spinning than a pinball machine. I demanded a clear, comprehensive strategy on China and greater consultation with Congress in a letter with Ranking Member Neal to Secretary Mnuchin last week. Congress and the Executive branch must work together, along with our allies, to confront China’s bad behavior in a meaningful way.”