Chuck Grassley: “earlier today the Senate Finance Committee heard testimony on the issue of most-favored-nation trade policy for China.…”

“earlier today the Senate Finance Committee heard testimony on the issue of most-favored-nation trade policy for China. As you know Mr. President, the President of the United States, President Clinton, on May 20 announced that China would be granted most-favored-nation status for another year. This is an annual determination made in the case of China. For the other 100 and some nations that have most-favored-nation trade status with us it is more on a permanent basis. It does not have to be annually like it is for China. I might say, too, for the benefit of my colleagues that there are only about five or six countries that would be called major trading partners, or potential major trading partners that do not have most-favored-nation status. So I am not sure that the terminology is very good when it really kind of refers to normal trading status between the United States and any other country. But it has been titled like this for decades. So it sounds like maybe really more than what it really is. But the President made that decision. I wanted to announce my support of the President's decision.”