First State Times

WASHINGTON – In case you missed it, U.S. Senators Chris Coons (D-Del.) and Todd Young (R-Ind.) published an op-ed in The Messenger highlighting their bipartisan Countering Economic Coercion Act that would help the U.S. support partners and allies facing economic bullying by foreign adversaries. The bill would equip the president with new tools to reduce the impact of economic coercion by strengthening trade and commercial ties with allies on an expedited basis. In the op-ed, Senators Coons and Young point out the punitive and manipulative economic measures that Russia and China have taken against American partners and discuss how their legislation safeguards our national security, deepens our economic ties with trading partners, and protects U.S. interests.  

The Messenger: Time To Fight Russia and China’s Economic Coercion

Around the world, autocratic states like China and Russia are using heavy-handed economic coercion to intimidate smaller countries and economies to get their way. As senators from both parties, we think we need to act to strengthen our nation’s ability to step up to this challenge.

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There are many examples of economic coercion just in the past few years. To punish Lithuania for allowing Taiwan to open a representative office in Vilnius, China unleashed an economic broadside against the Baltic state, blocking bilateral trade and blacklisting Lithuanian products in international markets. Russia weaponized its integration in European energy markets to try to force Western governments to back down from their support of Ukraine. And China responded to Australia’s call for an independent inquiry into the origins of COVID-19 by disrupting valuable Australian exports. China is Australia’s top export market, and the pain imposed on a wide range of Australian businesses, farmers and miners was real, as China blocked billions in exports of barley, beef, wine and coal.

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The United States has stood by its allies when they have come under economic attack, but we need to update our policy toolkit so that we can respond more forcefully and more quickly. That is why we introduced our bipartisan and bicameral Countering Economic Coercion Act, which would give the executive branch more tools to support our allies when they are subject to economic bullying — and to punish the countries carrying out this malign behavior.

Our bill would allow the president to act quickly by temporarily decreasing duties on certain imports from targeted countries and offering the U.S. market as an alternative when China shuts down trade. The bill also allows the executive branch to speed up regulatory processes to facilitate rapid export financing, import approvals, and other trade, aid and investment assistance.