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Sen. Bob Corker (R-TN) on his opinion piece in the WSJ today on China manipulating its currency, and what he feels needs to be done to correct this is...
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When the senate is set to vote later today on a controversial bill that would punish China for allegedly manipulating its currency.
Our critics have warned that the bill could spark a trade war senator Bob -- of Tennessee is one of them He wrote an op Ed criticizing the bill today's Wall Street Journal.
Senator -- joins me now from Capitol Hill senator welcome to this show.
Out.
You know has a thing for years everyone's complain about this unfair trade that we have with China there -- currency being artificially.
Manipulated so lot of people would say why would anyone be against.
Any proposal that would actually crack down and make them accountable.
That was no question that kind of manipulate that currency stated that -- that the question is what do you do in response to that the fact is they have allowed.
-- -- the currency to float is now appreciated 30% over the last five years and so.
What we need to do is address some -- things that are big problems for our country and for exporters and that is number one the way they deal with intellectual property rights.
Constantly.
Stealing those from companies that -- right here in our country and -- prime stop right there basically their governments as that.
You have to -- Chinese only goods in many cases which really block south American exports.
Obviously what we need to be focused on our exports to China have been twice growing twice as rapidly as our exports to any other country in the world or.
To other countries in the world as they call twice as fast so what we're really need to be working on.
Is ways of making that grow more rapidly and that that means opening up their consumers are countries that -- by the -- them investing in our own country but.
I think after having an economic slowdown like we have and having a financial crisis in Europe.
The last thing we need to have right now the trade war whenever you -- days -- -- which is what this bill does automatically.
When He entered his hair -- what that means is they're gonna retaliate and this is exactly the same thing.
That congress did back of the night in 1930s -- Smoot Hawley and they credit trade war and so it's just not.
Good thanking an -- but -- the white I guarantee they're -- They're numbers of senators that no this is very very bad policy that are voting for it anyway because of what you said because it plays well back home.
And it sounds like we're getting tough with China.
What I think we're out of their ears to try to solve the problems we have accounting and try to grow our exports yeah Matt McCoy and that's why take in -- -- -- -- and I'm I'm I'm not not going to win today.
But it's things that -- that were elected the United States senate.
To try to solve problems for the American people not to meet our chest and act like we've done something.
When -- really haven't about a like I don't think this bill's gonna become law anyway it's been set up our as they quote messaging bill but it seems to me again.
People of Tennessee elected me United States senate to try to make sensible for sound decisions I don't think they wanna see it right -- account right now.
Not now with all due respect sir I don't disagree with anything you just said but by the same token.
Yeah you you are talking about increasing our exports to China and in a in a matter that.
You know they've I haven't played by the rules of all why -- think played by the rules now we will -- winner in this place some sort of notion that we're ready to put on a brass knuckles to.
And -- tough if we have to.
It otherwise how how do we really get them to move how to we get them to move on currency issues intellectual property issues -- it would also some sort of written determination.
Well we have shown grit determination and there have been improvements on intellectual property rights and those improvements are continuing and the fact is that.
That you know our exports as I guess mansion.
They were they were they grew twice the right -- -- to China as they get every other place in the world so -- Internal fractures are gonna calls -- currency to grow they have inflation.
Middle class citizens as the middle class growth and China are gonna want access to American products.
There they -- they're gonna second largest economy in the world and so what we want to do.
Is yes push them along we want them to have a more sophisticated financial system we want their currency to float and -- the -- They've that they've acknowledged that and are taking steps in that direction so again I think we have taken tough position we need to take into the WTO.
When they violate WTO right regulations but the fact is that.
Again this is something that we talent right could end up right for the American economy if we analyst wrongly part of the -- curve -- -- the day current.
When you end up with a trade war or Terex what happens is everybody suffer and -- -- -- his right now.
With that economic slowdown and our country with a financial pricing crisis in Europe.
Even be talking about -- trade war doesn't make a bit of sense to me we do need to be tough with China.
But we need to be tougher -- -- on the right things that we can solve.
Now you mentioned that this was a messaging bill on sort China's smart enough to realize that -- -- -- critics of this bill.
On the other side say it has no teeth at all so.
Do you really think give it went through that China would retaliate.
You know in the is this one of the reasons why people who actually agree with you still gonna vote vote for it anyway.
Well.
Let me say if the bill started out it's called and asked to bail out -- -- viewing audience what does that mean what it means as it didn't originate and house and it has something to do of revenue so a lot of people wandering around the world and ends up actually becoming long first place that big thing.
If there's a big vote on this then in fact the house may be pressure to take it -- I don't think that's going to happen but it my.
Getting back -- the tariffs again passing the bill doesn't necessarily created trade war but putting tariffs in place does okay -- the bill explicitly states and the president cannot beat those Terex.
That tariffs can be put in place where people can -- currency manipulation and companies can bring say and calls that happen again I just like that we need to continue to have the strong stance we've had with China on an intellectual property on exports on us doing business with the China government Chinese -- -- obviously they're huge purchaser of goods.
And we're making progress again as -- Exports to China growing twice as fast as any other place the world.
That's what are manufacturers wanna think those of those great jobs in America that we wanna see growth.
You don't do that back rating at trade war and I'm just thinking and -- United States senator.
Weather becomes law are not.
That people should look to us to try to.
You sound and -- things -- again there's there's ballot disagreements are a lot of people that disagree strongly with me on this issue.
But I don't wanna do something that this you know I'm going to make myself look like on baiting my chest for people black -- I came here today.
-- that and I appreciate integrity years straight shooter doesn't Davison history lesson and a civics lesson on top of -- all the thanks a lot senator Bob -- I appreciate it thanks.
