[Congressional Record Volume 165, Number 43 (Monday, March 11, 2019)]
[Senate]
[Page S1751]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]



                        China Trade Negotiations

  Mr. President, finally, on China--the ongoing negotiations with China 
have been something I have been following closely. Over the past few 
weeks, there has been a drumbeat of reporting that the Trump 
administration is poised to accept a weak trade agreement with China.
  Last week, the New York Times reported that China's draft new foreign 
investment law, meant to pacify the United States, would not include a 
complete end to the forced technology transfers. The most recent 
published draft made no mention of preventing national government 
regulators from demanding technology transfers. This morning, the Times 
reported that China has agreed to few, if any, major restrictions on 
how it manages its currency.
  For years, China manipulated its currency to suit its purposes, 
typically devaluing the renminbi to prop up its manufacturers. I was 
the first, with Senator Graham of South Carolina, back in the early 
2000s, to point out China's currency manipulation, and it has continued 
unabated. In recent days the renminbi has been allowed to rise, but, 
curiously, it fell 10 percent against the dollar after President 
Trump's announcement on tariffs.
  According to the Times, that move alone negated, at least 
temporarily, the impact of President Trump's latest round of tariffs. 
The Chinese have done everything they can to gain advantage over us, to 
steal our jobs, steal our wealth. They have not played fairly, and now 
the President, with his tariffs, has them where we would want them.
  They need to come to an agreement. But they are hanging tough, and 
the President's inclinations seem to be, from press reports, to back 
off so he can get any deal, so the stock market will go up temporarily. 
Make no mistake about it--in the long run, this will hurt America 
dramatically. The best paying jobs will be created in China, not here. 
The ability of the best American companies to compete worldwide will be 
dramatically curtailed.
  It is abundantly clear that China is playing us. They want to give up 
as little as possible while getting out from under the sting of 
tariffs.
  So I say to President Trump, whom I have praised on his China 
policies thus far--a lot tougher, a lot better than President Obama or 
President Bush. I say to President Trump: Do not get played. If you 
don't achieve what you set out to achieve, namely, the permanent reform 
of China's most abusive trade practices, then walk away, just as you 
walked away from North Korea when Chairman Kim would not make real 
commitments.
  President Trump, you must walk away from China if President Xi 
refuses meaningful and enduring economic reforms. To do otherwise would 
be to squander maybe the last best chance of putting American workers 
and businesses on a level playing field with our No. 1 economic 
competitor.
  I yield the floor.
  I suggest the absence of a quorum.
  The PRESIDING OFFICER. The clerk will call the roll.
  The legislative clerk proceeded to call the roll.
  Mr. CORNYN. Mr. President, I ask unanimous consent that the order for 
the quorum call be rescinded.
  The PRESIDING OFFICER (Mr. Hawley). Without objection, it is so 
ordered.