Notes on Tariffs, Trade, and China

Congresswoman states there was no tax bill passed during the Biden administration.
She requests the Secretary to limit answers to yes or no questions due to time constraints.
The Congresswoman questions if the President's tariffs are a one-time price adjustment for American families.
The Congresswoman asserts that tariff costs are being passed on to consumers, contradicting the idea of a one-time adjustment.
Prices are already rising on everyday goods – clothing is up 20%, shoes, canned goods (chicken noodle soup, canned fruit) and microwave meals are up 15%.
Toys are becoming more expensive; Walmart raised prices of dinosaur action figures by 38% and baby born dolls by 43%.
Household goods such as drills, tool kits, and vacuums have increased in price.
Stanley Black and Decker have announced higher prices for all of their products.
Congresswoman alleges Trump's tariffs cost households an average of $3,000$ more for the same goods compared to last year.
- The Secretary questions the source of the $3,000$ estimate.
This money could be used for goods, rent, or groceries.
The Congresswoman suggests Trump's trade wars are hurting American families, and the trade deals are flimsy.

The Congresswoman questions whether China is a reliable trading partner.
The Congresswoman is skeptical of the current administration's ability to negotiate effectively with China, as they are negotiating with 90 countries.
A poorly negotiated trade deal with China may not be worth much.
In the Trump administration's phase one trade deal, China promised to increase purchases of US goods and services by $200,000,000,000$ over two years but failed to meet these commitments.
According to the Chinese delegation, they did not believe they needed to adhere to these commitments during the Biden administration.
China has also not made the structural reforms they promised.
Many US companies report intellectual property theft and counterfeiting.
The Congresswoman expresses concern over Trump’s statement that the US-China deal was done after two days of talks.

The Congresswoman requests the details of the US-China deal, asserting that Congress has constitutional authority over trade but has not been consulted.
She asks the Secretary to commit to providing the committee with specifics.
The Secretary states they are in the midst of constructing the deal and China is an unreliable strategic partner.
The Congresswoman asks if the Secretary will commit to consulting with the committee on a trade deal with China.