World News | US senators push bill to counter economic coercion of allies, partners

washington [US]Feb. 12 (ANI): Two U.S. senators, Chris Coons and Todd Young, are reintroducing a bill that could be used to reduce economic New tools for coercive influence and will protect security interests from foreign threats on Chris Coons website.

U.S. senators also said their bill would allow President Biden to provide fast-track economic support to foreign partners targeted by economic coercion and punish the economy by strengthening trade and business ties with smaller economies that appear to be targeted by Beijing for trade coercion Coercive perpetrator practices.

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“Countries like China and Russia are increasingly abusing their economic power to bully smaller nations and punish sovereign political decisions,” Senator Coons said. “This type of economic coercion hurts these countries, threatens America’s economic security, and undermines the democratic, rules-based international system that has underpinned decades of global growth. I am proud to work with Senator Yang to serve America’s allies and nation Provide rapid, targeted support. Partners help them defend against economic coercion and defend U.S. interests,” he added.

Senator Yang, who spoke on condition of anonymity, said some foreign adversaries believe they can harm the economy through economic intimidation or through opaque informal operations, sowing discord among U.S. allies and partners. “These threats and power struggles cannot go unchecked,” he said.

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“Our bipartisan bill will provide flexibility to expedite assistance to our foreign partners when their goal is to confront authoritarian regimes. By supporting our threatened partners, we protect America’s own national security interests,” he added explain.

The Anti-Economic Coercion Act of 2023 would provide President Biden with specific tools to reduce U.S. tariffs on non-import-sensitive goods imported from foreign partners to compensate for lost exports to other countries as a result of coercive actions, and could even raise tariffs Imports from foreign adversaries who practice economic coercion.

The bill also allows for expedited export licensing decisions and regulatory procedures to facilitate trade with affected foreign partners, according to the statement.

The president consults with Congress in determining whether economic coercion is occurring and how to support the targeted country. To facilitate expedited and flexible relief, the Secretary of State will be permitted to take certain actions on an expedited basis. Any decision on economic coercion — and any powers exercised pursuant to it — would expire after two years or by joint resolution of Congress. (Arnie)

(This is an unedited and auto-generated story from a Syndicated News feed, the content body may not have been modified or edited by LatestLY staff)