Ways and Means Committee Chairman Calling for Reset on Trade
House Ways and Means Committee Chairman Richard Neal, D-Mass., said there should be “a reset of our trade agenda,” with less emphasis on tariffs “and more emphasis on international cooperation and multilateral relationships.” Neal, who was speaking to the New England Council on Nov. 23, said that “keeping the heat on China is important, but simultaneously, tariffs are not the only way to do it.”
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Neal said he's interested in his committee paying attention to trade and tariffs next year, in addition to taxes, retirement savings and healthcare. Neal was asked whether rejoining the Trans-Pacific Partnership should be part of the strategy to respond to the Regional Comprehensive Economic Partnership, or RCEP, and he said he thinks one of the ways to manage China's trade retaliation against Australia and its actions in Hong Kong and threats to Taiwan is to “embrace multilateralism.”
However, TPP is not doable, he said. “The problem with TPP as I expressed to President [Barack] Obama in his office, the problem with TPP was wage rates in Vietnam. It was a huge issue. I can’t tell you how contentious it was.”
Neal said he told the U.S. trade representative he'd like to restart talks on the Transatlantic Trade and Investment Partnership, “because I think a European agreement would get China’s attention.” European Commission President Ursula der von Leyen recently said that restarting TTIP is not something the European Union wants to do (see 2011200057).