Jim Costa: “I also rise today to speak about U.S. trade and the recently raised tariffs on steel and aluminum. We all want to secure…”

“I also rise today to speak about U.S. trade and the recently raised tariffs on steel and aluminum. We all want to secure American jobs and increase the opportunity in the U.S. economy, but raising far-reaching tariffs will do just the opposite. The most likely effect of raising tariffs will be other countries adjusting their trade measures to protect their economies and their workers. This is known as a trade war, and no one wins in a trade war. What's more, American agriculture is always the target of international reactionary and retaliatory trade behavior. California agriculture, which I am a strong advocate of and represent, feels the most intense direct pain from these tariffs. California farmers and ranchers earned roughly 44 percent of their total revenue from international trade in 2016. But this pain will radiate across the country. Manufacturers, processors, merchants, and farmers will face negative impacts to their businesses as foreign markets close, which will cost both American jobs and profits. Yes, we have an international trade imbalance that must be addressed, but raising these tariffs, I think, is the wrong strategy, plain and simple. This is why both Republicans and Democrats have publicly expressed grave concern with these recent actions. The way to address these trade imbalances is to successfully renegotiate and modernize NAFTA and other trade agreements with our European allies.…”