Tariffs

Floor Speech

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Mr. ARRINGTON. Mr. Speaker, the year 1776 marked a turning point not only in American history, but in human history. While brave patriots here in America were affirming their right to equal representation and, ultimately, revolution, a Scottish philosopher named Adam Smith was revolutionizing the way we think about economics.

``The Wealth of Nations'' was the book he wrote where he extolled the virtues of free markets and free trade, showing how all benefit from robust competition and an open marketplace.

Mr. Speaker, because of tax cuts and regulatory reform, returning to freer markets in this country, we have this economy off high center and growing at a rate we haven't seen in over a decade. While some of my friends across the aisle would like to dispute this, the results speak for themselves.

Just last month our economy added over 300,000 new jobs and over 800,000 people joined the labor force, the largest 1-month jump in over 30 years. Mr. Speaker, people are looking for work, and they are finding work.

With the stock market, business, consumer confidence, and the labor participation rate at all-time highs and the unemployment at a 50-year low, the last thing that we need and want to do is impose a new kind of government intervention to diminish the great economic progress we have made.

I am concerned, Mr. Speaker, that these tariffs that the White House and others have talked about, if not appropriately targeted, could do this and could have unintended, negative consequences on the American economy, on American consumers, and on hardworking American families.

The Texas delegation has a unique stake in this issue. For 16 consecutive years, Texas has been the top exporting State in the country with over $264 billion in exports for 2017. So trade policy has a significant impact on our constituents. That is why last week my colleagues and I sent a letter authored by Ways and Means Chairman Kevin Brady to the President urging him to take a more measured and surgical approach in imposing tariffs. And I am glad it looks like that the White House and the President have heard and have heeded our pleas.

I believe in free trade, Mr. Speaker. I believe in open global markets. And it has improved standard of living for everyone. However, free trade only works if everybody plays by the same rules; that is, free trade and fair trade go hand in hand. For years, China has been gaming the system by dumping their product, infringing on our intellectual property rights, manipulating their currency, and circumventing trade agreements for years.

President Trump was right to call them out. He was right to hold them accountable. I am confident that we can work with the White House so that tariffs ensure fair competition and protect our national security interests while also making sure we don't harm consumers here at home.

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