China should become a member of the WTO but under the right commercial conditions. This is not a minor issue. The future of our economy is at stake.
The current U.S.-China trade relationship from the standpoint of our future economic health is unsustainable.
Since the Tiananmen Square massacre in 1989, the U.S. trade deficit with China has soared from $3 billion to $40 billion.
From 1985 to 1996, U.S. exports to China grew three times; Imports from China grew 13 times.
Trade statistics released today show that the U.S. trade deficit with China in January 1997 was $3.7 billion. This is an increase of 41% over December 1996. In January, imports from China were up 18% and U.S. exports to China were down 28%.
At the current rate, the trade deficit with China is likely to reach $50 billion in 1997.
Article 1, Section 8 of the Constitution grants Congress the power to regulate commerce with foreign nations. Without this WTO Bill, Congress will have no say in the negotiations over China's acceptance to the WTO.
The U.S.-China trade relationship is unsustainable because of barriers to U.S. products, technology and production transfer; violations of intellectual property rights and forced labor.
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