New bill will counter China’s Belt and Road Initiative: ‘We can silence China’s Kraken’
First up is Fox: The Monroe Doctrine is in full swing again—with President-elect Donald Trump’s push to take over the Panama Canal and Rep. Mark Green’s new legislation encouraging investment in Latin America.
The Homeland Security chairman and Tennessee Republican introduced two bills Friday, including one that would use tariffs to create a low-interest loan program for companies moving from China to Latin America.
Another approach is to use tariffs on Chinese goods to provide tax benefits to offset the relocation costs of U.S. companies moving operations back to U.S. soil.
The Western Hemisphere Nearshoring Act would create a program through the International Development Finance Corporation to use tariff funds to lower interest rates.
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Under the U.S. Companies Take Home Act, amounts paid to move inventory, equipment or supplies used in a trade or business from China to the United States will be tax deductible. The program will be funded through the Tariff Trust Fund.
“The evil influence of Communist China continues to spread throughout the Western Hemisphere. Now is the time for us to take a stand. By rebuilding infrastructure and manufacturing jobs in the region, we can eliminate the temptation of China,” Green told Fox News Digital .
Tennessee Republican Party Chairman Mark Green holds a news conference prior to the House Homeland Security Committee’s “Examination of Secretary Mayorkas’ Dereliction of Duty” hearing on Wednesday, June 14, 2023, in Cannon House. (Tom Williams/CQ-Roll Call, Inc via Getty Images)
The United States has long invested heavily in Latin America and the Caribbean, but China is South America’s largest trading partner and donor. China is increasingly flexing its muscles through grants and loans across the continent as part of its Belt and Road Initiative. In November, China opened a major port in Peru.
Lawmakers have begun to float the idea of ”reshoring” supply chains from China and reasserting Western Hemisphere hegemony through trade partnerships across the Americas.
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Vice President Kamala Harris, appointed to lead the border response, has focused on the “root causes” of migration, trying to bring investments into Latin America to improve conditions for locals so they are not at risk. The long trek to the US border.
A cargo ship passes through the Agua Clara Locks of the Panama Canal in Colon, Panama, on September 2, 2024. (AP Photo/Matthias Delacroix, File)
By calling on the United States to take back the Panama Canal, Trump signaled that he would re-prioritize the Western Hemisphere, a priority that dates back to the Monroe Doctrine of 1823.
Over the past few weeks, Trump has insisted that China controls the canal and that Panama is “ripping off” the United States.
“Look, the Panama Canal is vital to our country,” Trump said. “It’s run by China — China! — and we handed over the Panama Canal to Panamawe didn’t hand it over to China. They abused this gift.
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China is the second-largest user of the canal after the United States and a major investor in the country. The canal’s two ports of entry are owned by subsidiaries of Hong Kong’s CK Hutchison Holdings. Beijing also funded the construction of a new waterway bridge.
