Legislation being considered in both Chambers of Congress in Washington, D.C., would end Permanent Normal Trade Relations– or PNTR– with China and sharply boost tariffs on Chinese goods. The republican bill sponsors say “nothing is normal” about current U.S. trade relations with China and this measure would end a 20-year-old “policy mistake” that’s failed to make China freer and U.S. companies wealthier. Incoming Senate Majority Leader and South Dakota Senator John Thune is aware such a move could end up creating a new trade war. https://media-cdn.socastsrm.com/wordpress/wp-content/blogs.dir/2626/files/2024/12/thune-trade1.mp3 “We’ll be looking at policies that we think make sense in terms of promoting U.S. competitiveness globally, and if necessary, remedy some of the bad behavior of the Chinese.” Thune is a member of the Senate Agriculture, Nutrition and Forestry Committee, where he often advocates for market-opening free trade agreements. However, he says, he also understands China is a threat to the United States. https://media-cdn.socastsrm.com/wordpress/wp-content/blogs.dir/2626/files/2024/12/thune-trade2.mp3 “One of the things that President Trump and his team, as they take office, are going to be talking about, is how China cheats on trade agreements. And I think we have to be looking at the world today, in a very clear-eyed way through a lens that understands that there are lots of threats out there.” Sponsors of the PNTR-ending bill argue the Chinese Communist Party has stolen trillions of dollars worth of U.S. intellectual property and with it, 4-million jobs since the year 2000.