House Ways and Means Committee Chair Cheers Cambodia, Malaysia Deals
House Ways and Means Committee Chairman Rep. Jason Smith, R-Mo., cheered the trade deals that leave 19% tariffs in place on Cambodian and Malaysian goods, while those countries lower their tariffs.
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“President Trump continues to show the world that America is serious about rebalancing trade in favor of American farmers, manufacturers, and workers. The Agreements on Reciprocal Trade that were signed with Cambodia and Malaysia eliminate virtually all tariffs on U.S. exports, giving American producers unprecedented access to these fast-growing markets,” he wrote.
Malaysia is not eliminating tariffs on U.S. goods; it is leaving some goods at 2%, 3% and 5%, reducing others to 10% or 15%, offering duty-free status for some goods at entry into force, and phasing other tariffs down to zero over five or nine years. Other products will remain at Malaysia's MFN rate.
“These agreements tear down the significant tariff and non-tariff barriers that have denied fair treatment to U.S. agricultural and industrial exports. They protect American innovators through high-standard digital trade rules and stronger intellectual property protection. Cambodia and Malaysia also committed to join the United States in blocking the importation of goods made with forced labor. With these agreements, and the recently released framework agreements with Vietnam and Thailand, the Trump Administration continues to level the playing field for America,” Smith wrote.