They have submitted a draft to the United States Congress to counter China's influence in Latin America and the Caribbean

US Senators Bill Cassidy And michael bennett, Along with the actors Mary Salazar And Adriano EspaillatThis Wednesday, a bill called americas law, With the aim of creating a permanent and expanding trade association for the countries of the Western Hemisphere and countering the increasing control over… China On global industrialization and geopolitics.

the Law of the Americas Endorsed and sponsored by the Chairman of the Select Committee of the House of Representatives of the Communist Party of China, Michael Gallagher.

Congresswoman Maria Elvira Salazar said that the “big prize” for Latin American countries included in this project is that It is possible to join a free trade agreement with the United States and Canada.”

Legislation will be granted $60 billion in loans and $10 billion in incentives Taxes to help American companies return to the country.

“It won't cost taxpayers a dime,” said Democratic Congressman Adriano Espaillat, another promoter. “This law is paid for entirely by eliminating tariff loopholes, which China has used for 30 years to enrich itself.”

Latin America is the only region with which the United States has a trade surplus, with exports in 2023 reaching $200.27 billion, compared to imports of $145.408 million, according to the Bureau of Economic Analysis (BEA).

“We must level the playing field between freedom-loving democracies and rule-abusers like China. We do this by refocusing on the Western Hemisphere to improve trade, and bringing manufacturing back to our shores.” Ending China's growing influenceCassidy said in a statement. “our Law of the Americas “It will make economies across the hemisphere more resilient, governments more stable, and our hemisphere more prosperous.”

For his part, Bennett added that “no region has stronger relations with the United States than the Western Hemisphere.” However, in recent years we have failed to offer the region a compelling economic alternative to China's growing influence. This bill changes that. Creates an opportunity for the United States to renew our partnerships in Latin America and the Caribbean. Strengthening the rule of law, deepening economic prosperity and embracing our values ​​in a common struggle for democracy.

“It is time to unleash all Economic potential of the United States and Latin America. the Law of the Americas “It is the solution to grow our economy and stabilize the hemisphere,” said Rep. Salazar. “This bill will create world-class business opportunities and jobs in Miami, help our allies in Latin America, build the resiliency of America’s supply chains, and combat China’s influence.”

Espaillat explained that in essence, Law of the Americas It's a tool Creating millions of dollars in job opportunities For the United States and its allies in Latin America and the Caribbean. Through transportation, local loans, tax benefits and other targeted assistance to workers at home and in our partner countries in the Western Hemisphere, Law of the Americas “It will bring jobs and investment back to our hemisphere and reduce the root causes of migration by putting more money in the pockets of working families.”

By creating support programs for both textiles and medical devices and equipment, this bill would directly boost two of the largest and most important export industries of the United States' current trading partners in the Western Hemisphere, including the Dominican Republic, according to Espaillat.

“If our dependence on Chinese manufacturing and lack of domestic production and allies are not adequately addressed, our supply chain will remain at risk of manipulation by the Chinese Communist Party, putting Americans at risk,” Gallagher said. “We must encourage key industries to start diversifying their supply chains. Because if we find ourselves in a confrontation with China then it is over.” TaiwanAmerican consumers will suffer a lot of pain; All the more reason to be smart about this from the start.

Last year, Cassidy and Bennett spoke before the Council of the Americas about this project, highlighting the need for the United States to reimagine its policy. Indifferent policy towards Latin America Adopting a more hemispheric approach. They focused on the expansion mechanism of the United States-Mexico-Canada Agreement (USMCA), the gold standard for trade agreements, and on a new investment institution that would boost economic development across the hemisphere. The returns earned by the investment company will fully cover the costs of the plan.

(With information from EFE)