Congressional Record - United States House of Representatives
March 8, 2006
The SPEAKER pro tempore (Mr. DAVIS of Kentucky). Under a previous order of the House, the gentleman from North Carolina (Mr. JONES) is recognized for 5 minutes.
Mr. JONES of North Carolina. Mr. Speaker, the United States national debt is $8.2 trillion. More than 25 percent, or $2 trillion of that national debt, is owned by foreign countries. China owns $300 billion of our public debt in bonds and Treasury notes. Our trade deficit with China is $200 billion alone.
Between 1989 and 2003, the United States lost 1.5 million jobs to China. According to the Wall Street Journal, China plans to increase its military spending by 14.7 percent, the biggest increase in its defense budget in 4 years.
A U.S. Government report issued in July said China is building up its military to be able to project power beyond Taiwan. The Pentagon budget issued this January stated that in the future China will have the greatest potential to compete militarily with the United States of America.
Mr. Speaker, China has taken proceeds from our trade deficit and budget deficit and used the money to fund its military buildup. America has done nothing to address the problem as our trade policy continues to give every advantage to China’s state-owned companies who continue to take American jobs and sell cheap goods that American workers used to produce.
Mr. Speaker, I have joined with Republican DALE KILDEE of Michigan and other Members of Congress in both parties to sponsor legislation to say that trade should be fair. What is good for America should be good for China. And what is good for China should be good for America.
H.R. 4808, the Unfair Chinese Automotive Tariff Equalization Act, does not require U.S. tariffs on passenger cars to be raised or Chinese tariffs to be lowered. The bill simply states that until tariff rates are equal, no Chinesemade cars may be imported into America.
Mr. Speaker, right now if America sells cars in China, they pay a 28 percent tariff. But the United States tariff on Chinese cars will only be 2.5 percent.
That is unfair and unacceptable. I hope that the House of Representatives will bring H.R. 4808 to the floor, and, by passing this legislation, say to the trade negotiators, both Chinese and American, all we want is fairness for the American workers.
Mr. Speaker, with that I yield back my time, but I will close by also saying that I pray to God that He will bless our men and women in uniform and their families, and I ask God to continue to bless America.