Congressman Ryan to help introduce act to 'crack down' on Chines - WFMJ.com News weather sports for Youngstown-Warren Ohio

Congressman Ryan to help introduce act to 'crack down' on Chinese trade practices

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Congressman Tim Ryan has partnered with Congressman Mike Conaway (R-TX) and Senator Rubio (R-FL) to introduce the Fair Trade With China Enforcement Act.

On Tuesday, Ryan announced the legislation that he says will take steps to safeguard American economic and national security interests against "abusive" Chinese trade practices. He says this will protect American assets from China's influence and possession. 

"Our imbalanced trading relationship with China raises significant national and economic security concerns for the United States that we should be taking seriously," Ryan said. "Congress has an obligation to fight for a level playing field with China that protects our own workers, intellectual property and manufacturing base."

Congressman Conaway adds that "China has taken advantage of our trading relationship, becoming increasingly aggressive with illegal trade practices in an attempt to specifically undermine and drive American companies out of business."

The Fair Trade with China Enforcement Act would do the following: 

-Prohibit the sale of national security sensitive technology and intellectual property to China.
-Increase taxes on multinational corporations' income earned in China at a rate similar to the lost value of stolen IP and technology.
-Cancel an income tax treaty signed in the 1980s and tax China on their "investment" in the U.S., including their holdings of the national debt.
-Prepare duties on, and impose Chinese investor shareholding caps on U.S. companies producing, goods targeted by the Made in China 2025 plan.
-Prohibit the federal government, or subsidiaries/contractors, from purchasing telecommunications equipment or services from Huawei and ZTE.

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