WASHINGTON — U.S. Sen. Pat Toomey, R-Pa., is leading an effort to expand trade with Taiwan.
The Constitution gives Congress control over trade policy, and it is the responsibility of the executive branch to pursue trade policies and trade agreements in line with those supported by Congress. In line with this, Toomey has introduced a Senate resolution detailing the need for a trade agreement with Taiwan.
“Building closer trade ties between the United States and Taiwan is a win-win for both countries,” said Toomey. “American workers and manufacturers would have more customers, American consumers would have access to more affordable goods, both economies would grow faster, and America would strengthen its relationship with a key regional ally and increase our economic engagement in the Indo-Pacific region. The Senate should pass this resolution and the incoming Biden administration should make a trade agreement with Taiwan a priority.”
Toomey’s colleague from Pennsylvania, Congressman Guy Reschenthaler, R-Pa., has introduced a companion resolution in the House.
The United States is currently Taiwan’s second largest trading partner, and Taiwan is the tenth largest trading partner of the United States in goods and the eleventh largest trading partner overall. Trade with Taiwan supports an estimated 208,000 United States jobs according to estimates of the United States Department of Commerce as of 2015.