US senators propose economic security strategy act to counter China’s rise

‘For the first time in almost three decades, the US is confronted with a near-peer competitor on the global stage,’ Republican senator Marco Rubio says

US must ‘combat China’s predatory economic practices by working together with our like-minded partners and allies’, Republican senator Todd Young says

Reading Time:2 minutes

Republican Marco Rubio is one of four US senators behind the Global Economic Security Strategy Act. Photo: Reuters

Published: 12:00am, 14 Nov 2019Updated: 10:34am, 14 Nov 2019

US senators have moved to introduce legislation that would require the government to regularly outline its global economic security strategy in a bid to confront the economic threat from “near-peer competitor” China.

The move comes as US politicians are ratcheting up the pressure on China, which they see as a threat to American jobs and security, and despite US President Donald Trump saying he was close to agreeing a phase one trade deal with Beijing.

The so-called Global Economic Security Strategy Act would require the president to produce a report on the United States’ economic competitiveness, threats to its economic security and ways to deal with them.

The bill was introduced by Republican senators Marco Rubio and Todd Young, and Democratic senators Jeff Merkley and Chris Coons, according to a statement on Rubio’s website on Tuesday.

The new bill would require the US president to produce a report on the country’s economic competitiveness, threats to its economic security and ways to deal with them. Photo: Reuters

While the bill is meant to promote “free, fair and reciprocal economic relationships” with all US economic partners, the senators focused on the threat of China.