“We were very close to doing that only a few weeks ago, and the reports back were that China had changed its view on some of the concessions they were willing to make,” Portman said. “Let’s get back to the table and let’s make a fair, enforceable agreement.”
Portman, who served as U.S. trade representative under President George W. Bush, spoke one day before Thursday’s massive selloff on Wall Street, a rout sparked by investor fears that a trade war with China will badly hurt the U.S. economy.
Portman also urged Congress approve the new free-trade agreement with Mexico and Canada that would replace the 1994 North American Free Trade Agreement.
Although Portman said the new deal —– called the United States, Mexico and Canada Agreement —– improves labor and environmental standards, analysts say the pact is not markedly different from NAFTA.
With his speech, Portman appears to be navigating a middle course on the dispute with China. While Portman charged that China “engages in coerced technology transfer and intellectual property theft from U.S. companies,” he made clear a swift agreement with Beijing was needed.
Last year, Ohio companies and farmers exported a record $54.3 billion worth of goods, with China the state’s third-largest trading market behind Canada and Mexico.
But China’s tariffs on the imports of soybeans have hammered Ohio farmers, who saw their exports of soybeans to China plummet from $1.15 billion in 2016 to just $157 million last year.
“Ohio has products that are manufactured by our workers and crops grown by our farmers that are shipped all around the world,” said Portman, adding “in Ohio, one of every three acres is now planted for export. So our farmers are dependent on trade.”
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