Time to Act on a Trade Deal With Taiwan
In a recent joint letter to U.S. Trade Representative Katherine Tai, Sen. Tom Carper, D-Del., chairman of the Senate Finance subcommittee on international trade, customs, and global competitiveness, and Sen. John Cornyn, R-Texas, ranking member on the trade subcommittee, made a case for strategic trade reengagement in the Indo-Pacific region.
The two senators pointed out, “Our current trade policy in the Asia-Pacific region is in need of a strategic direction that includes robust engagement with our allies in the region.”
Indeed, Washington should build on the broad momentum of recent decades to increase economic freedom and dynamic growth around the world, not disrupt it with renewed protectionist trade policy triggered by the COVID-19 pandemic.
If there ever was a time to adhere closely to the principles of economic freedom, this is it. Any notion that America can deal with the ongoing pandemic and make the much-needed economic rebound without tapping into free trade is wishful thinking.
Currently, the United States has 14 preferential trade agreements with 20 countries. Expanding America’s pragmatic nexus of free trade agreements should be a policy priority. Advancing strategic, forward-looking trade policy would reinforce the economic dynamism and innovation that will lead to an expanded network of free markets and greater economic ties to like-minded and willing partners.