Political Quotes

“I rise to support H. Res. 414. Recently, I met with a delegation of Chinese parliamentarians. China is undergoing huge changes that will alter relations between the United States and the People's Republic of China for decades to come. Trade was high on our agenda. Total U.S.-China trade rose from $5 billion in 1980 to $147 billion in 2002. China is a huge potential market for U.S. goods and services. However, last year China sold us $103 billion more in goods than we sold to them. This trade deficit is caused by the political and social difficulties of doing business in China, by China's restrictive trade and investment practices and by the enormous American appetite for low-priced Chinese goods. In seemingly good news for farmers, China has been dramatically increasing its protein consumption, which means our agricultural trade should improve. Many, including Treasury Secretary John Snow, contend that China also tilts the playing field by manipulating the value of its currency to keep it low. This lowers the price of Chinese goods in the United States and raises the price of our exports to China. Depending on whether you buy or sell, this makes Americans better or worse off in the short run. For the long run, such a large trade deficit makes America vulnerable. We presented our concerns to the parliamentarians about agricultural and industrial quotas and arbitrary Chinese biotechnology standards. We will press for a market in China that is fair.”