“The U.S. trade deficit with China is spiraling out of control. China realizes that it can unfairly seize market share by heavily subsidizing industry and exports as long as the U.S. government and Congress fails to combat those predatory practices. This policy of negligent oversight is a prescription for more trade deficits and job losses,” Tantillo said.
“The Congress should stop focusing on job-killing trade agreements and gutting U.S. patent protections. Instead, it should focus on righting America's economic ship by enacting legislation that addresses the disadvantage to U.S. producers caused by foreign border-adjusted taxes and by currency manipulation,” Tantillo continued.
“The international trade playing field has been tilted against U.S. producers for too long. The predictable disastrous result has been the loss of more than three million middle-class manufacturing jobs. Something must change to reverse those losses,” Tantillo added.
VAT Fairness/Border Tax Equity Act:
"Foreign border-adjusted taxes, mostly value-added (VAT) taxes, rebated on exports and imposed on imports disadvantaged U.S. producers by $341 billion and service providers by $87 billion in 2006.
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American Manufacturing Trade Action Coalition
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