Transcript of Ranking Member Krishnamoorthi’s Opening Statement from U.S.-China Trade Policy Public Debate
WASHINGTON, D.C. – On Wednesday, the Select Committee on the Strategic Competition Between the U.S. and CCP hosted a public debate on trade and economic engagement with the People’s Republic of China (PRC). Congressman Mike Gallagher (R-WI), Chairman of the Select Committee, and Congressman Raja Krishnamoorthi (D-IL), Ranking Member of the Select Committee, hosted the debate.
Below is a transcript of the opening statement from Ranking Member Krishnamoorthi. Footage of the Ranking Member’s opening statement can be found here.
Thank you, Mr. Chairman and good afternoon.
Today we’re going to have a debate about our trade policy with the PRC.
We’re having this debate because although Americans want reasonably priced goods and services, they’re deeply dissatisfied with the imbalance in the trading relationship with the PRC.
In 2022, we had record trade with the PRC, but we also had a near record trade deficit. We imported almost $400 billion more than we exported.
That’s why the American people think that we are losing when it comes to trade with the PRC. According to a Pew survey from earlier this year, only 7 percent of Americans think the U.S. is the primary winner in our current trade relationship with the PRC. 47 percent said that the PRC is the primary winner.
One of the things I am frequently asked by my constituents is: first, how did this happen? They suspect the PRC refuses to play by the rules by engaging in forced technology transfer, state-sanctioned theft of U.S. IP, cyberespionage, and economic coercion like we heard in our hearing last week.
Second, how do we fix this trade imbalance? Producing more at home and working to open new markets abroad where everyone plays by the rules should be a key component to how we move forward to strengthen the American economy.
Finally, I’m often asked why we allow critical products affecting our economy, national security, and health care system to be almost completely made in the PRC. During the early days of the COVID pandemic, my wife couldn’t find PPE at her hospital, so she had to improvise. You’ll see from this photo that she had to wear a welder’s mask to work because of supply chain issues from the PRC.
Americans are willing to trade with others, but they don’t want to solely rely on other nations for items central to our economy or critical to our health or security.
We owe the American people answers to these questions. I look forward to hearing a spirited debate today that helps us think about the right approaches to win for American workers and American entrepreneurs.
Now I would like to introduce two of our debaters:
Elizabeth Drake is a partner at Schagrin Associates where she specializes in international trade. She represents the “strong on domestic industry” viewpoint in this debate.
Dr Mary Lovely is a senior fellow at the Peterson Institute for International Economics and economics professor emeritus at Syracuse University's Maxwell School of Citizenship and Public Affairs. She represents the “strong on free trade” viewpoint.
Thank you and I yield back the balance of my time.
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