U.S. lawmakers from both parties have introduced new bills to provide economic support to partners and allies that are under economic coercion by China.

(Reuters file photo)

[Compiled by Guan Shuping/Comprehensive Report] Democratic and Republican members of the U.S. House of Representatives have proposed a new bill that requires China to be held accountable for economic coercion and to quickly provide economic assistance to partners and allies that have been coerced by China.

Republican Congressman Tom Cole, Chairman of the Program Committee of the Federal House of Representatives, Gregory Meeks, the chief Democratic Congressman of the House Foreign Affairs Committee, and Ami Bera, a senior member of the Indo-Pacific Regional Group of the Foreign Affairs Committee ) issued a joint statement on the 23rd, announcing that they jointly proposed the "Anti-Economic Coercion Act of 2023 (HR 1135, the Countering Economic Coercion Act of 2023)".

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“China has repeatedly used economic coercion against U.S. allies and partners to shape their policies or retaliate against sovereign decisions Beijing does not like,” the three lawmakers said, according to a Voice of America (VOA) report and statement. This kind of behavior not only harms the sovereignty and economy of US allies, but also directly harms US interests around the world."

The statement stated that this bill will provide the president with new powers and tools to more quickly respond to these malign activities, provide economic support to partners and allies facing China's economic coercion, and hold China accountable for its actions.

The bill authorizes the President of the United States to: seek congressional appropriations to support foreign aid, export financing, and sovereign loan guarantees to economically coerced foreign partners; expedite export licensing and regulatory processes to facilitate trade with affected partners; reduce U.S. tariffs on non-import-sensitive goods imported from affected countries; increased tariffs on imports of foreign adversaries who engage in economic coercion; exemptions from certain policy requirements to facilitate export financing and allow U.S. private industries to take advantage of coerced foreign economic opportunities.