Bipartisan Bill to Counter Economic Coercion Reintroduced
Sens. Todd Young, R-Ind., and Chris Coons, D-Del., reintroduced a bill that would give the president the authority to lower duties on non-import-sensitive goods made by a country that lost exports due to coercive actions, and increase duties on imports from the "foreign adversary" committing economic coercion. It would also give the administration the ability to waive some export financing requirements and expedite regulations to facilitate trade with the coerced parties.
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“Some foreign adversaries think they can drive a wedge between our allies and partners by using economic intimidation or by harming economies through opaque, informal actions," Young said in a Feb. 8 press release. "These threats and grabs for power cannot go unchecked. Our bipartisan bill will provide the flexibility to help our foreign partners on an expedited basis when they are targeted for standing up to authoritarian regimes. By supporting our partners under threat, we protect America’s own national security interests.”
Coons said in the press release: "Countries like China and Russia are increasingly abusing their economic power to bully smaller countries and punish sovereign political decisions."