Poe, Keating Introduce Legislation To Reaffirm US-EU Trade Relationship
by Ted Poe on April 11, 2018 at 10:36 AM
Last week Bill Keating (MA-09), the Chairman of the Foreign Affairs Subcommittee on Terrorism, Nonproliferation, and Trade and Ranking Member, and I introduced House Resolution 810 to reaffirm the vital importance of the US-European Union (EU) transatlantic trade relationship. In light of the recent tariffs, it urges the Administration to issue a permanent exemption for the EU from the steel and aluminum tariffs.
Free trade has continually proven itself to be effective for our country. We must hold true to this proven economic philosophy. The Port of Houston is the largest export port in the nation. 50 percent of the Houston economy is based on the Port of Houston. We export everything from oil and gas to everyday goods and merchandise. U.S. tariffs against the E.U. would no doubt result in retaliatory tariffs. Free trade prevents tariff wars- where the loser is the consumer, since the buyer, no matter where they live, pays the increased cost of the goods.
“The EU is our closest ally and one of our greatest trading partners,” said Congressman Keating. “If a trade war were to be started with them, similar to what we are seeing with China, American jobs here at home would suffer, in addition to our working relationship on critical issues like global security matters. In my district, one of our most important historic industries – cranberries – has been designated by China for retaliatory tariffs. Similar retaliatory tariffs from the EU would cripple the industry. It makes no sense to put our close economic and security relationship with our EU partners at risk, and we urge this Administration to act carefully and thoughtfully with respect to our transatlantic trade partnership.”
The Poe- Keating Trade Resolution:
- Reaffirms the critical nature of the trade relationship between the US and EU;
- Urges the Trump Administration to prioritize the principles of fair trade with our allies, especially EU Member states; and
- Urges the Administration to extend a permanent exemption from the steel and aluminum tariffs to the EU.