Today, Ways and Means Committee Chairman Jason Smith (MO-08) delivered the following remarks at a hearing on President Trump’s trade agenda with Ambassador Jamieson Greer.

As prepared for delivery.

“Congratulations Ambassador Greer on your confirmation. President Trump’s bold trade agenda is keeping you busy. 

“The Trump Administration’s trade policies are leveraging the power of the world’s largest market to create fair trade relationships that level the playing field for American farmers, producers, and workers. 

“The Trump agenda prioritizes the long-term prosperity of working families and communities ahead of short-term stock market swings. The American people are counting on us to think beyond today’s headlines and stay focused on growing the economy and creating good-paying jobs.

“Prior to President Trump’s reciprocal tariff action, an estimated two-thirds of the 600,000 products exported by American companies paid higher tariffs than foreign trading partners paid on similar exports to the U.S. Thailand charges a 50 percent tariff on U.S. beef. Japan charges a 700 percent tariff on U.S. rice. Australia effectively blocks the sale of U.S. beef while we imported $3 billion from them last year. The European Union rejects our biotech crops through a torturous six-year regulatory process. It’s only fair that we levy tariffs similar to the ones faced by American-made products.

“Since Inauguration Day, we have seen more than $5 trillion in commitments for new investments in the U.S., including after the announcement of the reciprocal tariffs. Since Liberation Day, nearly 70 nations have come to the table asking to reset our trading relationship. This approach will generate more market access under better terms for American producers. And, if any nations choose not to cooperate, these tariffs will generate significant revenues. Based on President Trump’s tariff policies so far, it seems conservative to expect the U.S. to collect hundreds of billions of dollars in additional tariff revenue each year.

“President Trump is continuing the successful strategy he used in his first term. Tariffs brought China to the negotiating table for the Phase One Agreement, which has netted $40 billion in annual tariff revenue paid by importers from China and increased fairness for American producers. Other agreements, like USMCA, opened markets for American-made products and ensured fairer treatment for our workers and businesses.

“An America First trade policy is needed now more than ever. America ran trillion-dollar goods trade deficits all four years under Biden. Previously, America had never run even one. We ran a $32 billion agricultural trade deficit last year. Under President Trump’s first administration we had an average annual agricultural trade surplus of $5 billion. 

“The Biden Administration failed to counter China’s moves to reorder the global economy around Beijing. Failure to assess whether China was adhering to the Phase One Agreement meant the agreement was never truly enforced. The Trump Administration is reviewing potential violations of that agreement, as well as exploring Section 232 and 301 investigations to further address unfair trade barriers ripe for enforcement actions. 

“President Trump has made good on his promise to tackle China’s abuse of our trade laws and ended its access to the de minimis privilege. The Administration’s actions mirrored committee legislation passed last year to crack down on this instance of China’s trade abuse, and President Trump has now set in motion a process to end the de minimis privilege globally to improve trade enforcement. 

“The Biden Administration had to be dragged into fighting Canada’s denial of market access to our dairy farmers and Mexico’s similar treatment of our corn farmers. The Trump Administration will enforce trade agreements to benefit farmers and ranchers. 

“Strong enforcement should be complemented with trade relationships that respect American workers and manufacturers. President Trump’s tariffs have set the stage for the United States to negotiate from a position of strength. I fully anticipate more nations to come forward to reset their trading relationship with the United States. 

“I represent an agriculture and manufacturing region. Under unfair trade policies, we’ve had factories shut down and lay off people in my district. 

• Dana Corporation, an auto parts company in Cape Girardeau closed in 2006, killed 440 jobs, and shipped them to Mexico;
• A Briggs and Stratton factory in Rolla closed in 2007, killing 450 jobs;
• Brown Shoe Company in Sikeston closed in 2012 and killed 155 jobs;
• Nordyne closed its Poplar Bluff factory in 2013, cut 500 jobs, and moved production to Mexico;
• Noranda shut its aluminum plant in New Madrid in 2016, killing 900 jobs. 

“I could go on, as could every member on this dais.

“Changing course and undoing the damage caused by years of unbalanced trade relationships won’t happen overnight. President Trump’s economic agenda, from tariffs to tax relief to deregulation, is about making it competitive again to build, manufacture, grow and produce in America. I look forward to working to change our trading relationships to a source of our nation’s economic strength and revenue, not a source of decline and dependence. 

“Thank you for coming before the committee, and I look forward to hearing your testimony.”