With a goal of redefining America’s leadership in the Western Hemisphere while combating China’s growing global influence, U.S. Rep. María Elvira Salazar (R-FL) and U.S. Sen. Bill Cassidy (R-LA) introduced the landmark bipartisan and bicameral Americas Act on Wednesday.
Viewed as one of the most important trade and investment bills in modern history, the Americas Act, H.R. 7571/S. 3878, creates a new trade, investment, and supply chain partnership between the United States and the Caribbean, Central America, and South America. By facilitating increased trade, job creation and development with U.S. allies, the lawmakers said the American economy will grow while countering China’s control over global manufacturing and supply chains.
“It’s past time we unleash the full economic potential of the United States and Latin America. The Americas Act is the solution to grow our economy and bring stability to the hemisphere,” said Rep. Salazar, chairwoman of the House Foreign Affairs Western Hemisphere Subcommittee. “This bill will create world-class business opportunities and jobs in Miami, help our allies in Latin America, build resiliency for American supply chains, and combat China’s influence.”
Rep. Salazar’s district in Miami is at the epicenter of international trade between the United States and Latin America, with more than 70 percent of Florida’s exports going to the region.
Sen. Cassidy said the United States needs to level the playing field between democratic nations and China, which breaks trade rules.
“We do that by refocusing on the Western Hemisphere to improve trade, bring manufacturing back to our shores, and end China’s growing influence,” said Sen. Cassidy. “Our Americas Act will make economies across the hemisphere more resilient, governments more stable, and our hemisphere more prosperous.”
The bill, if enacted, would create an “Americas Partnership” where, in exchange for increased market access, countries agree to follow appropriate rules, support democracy, and reduce corruption. The legislation also calls for bringing businesses back to the U.S. from China by providing loans, grants, and tax credits for reshoring. The bill would aim to fight corruption by creating an e-governance platform to modernize transactions, improve transparency, and ensure accountability, a bill summary said.
The Americas Act would be paid for by closing the deminimus loophole which currently allows Chinese goods under $800 to enter the United States duty free.
Rep. Salazar and Sen. Cassidy introduced the legislation along with U.S. Rep. Adriano Espaillat (D-NY) and U.S. Sen. Michael Bennet (D-CO).
“At its core, the Americas Act is a multi-billion-dollar job creation tool for the U.S. and its allies in Latin America and the Caribbean,” Rep. Espaillat said.