GOP senator calls for Cold War

Senator Eric Schmitt from Missouri has proposed that Congress adopt a strategy reminiscent of the Cold War to address the perceived economic threat posed by China. He has urged the Joint Economic Committee, where he serves, to conduct annual unclassified reports and hearings focused on China's economy and its policies, similar to the approach taken with the Soviet Union prior to its collapse. Schmitt's letter to committee leaders highlights the importance of transparency in understanding China's economic practices, which he argues have negatively impacted the U.S. economy and workforce. In his correspondence, Schmitt pointed out specific issues such as currency manipulation, unfair trade practices, and intellectual property theft as significant concerns. He emphasized that the analysis of China's economic conditions should be thorough, utilizing both open-source and classified data, as was done during the Cold War. The senator also suggested that public hearings should accompany these reports to foster greater understanding and accountability. Schmitt's recommendations include examining the economic factors driving Chinese nationals to leave their country, the implications of state-driven market interventions, and the state of China's housing market. This initiative comes amid growing bipartisan recognition of China as a major economic threat, leading to the establishment of the Select Committee on Strategic Competition Between the U.S. and the Chinese Communist Party. The senator's previous legal actions against China regarding the COVID-19 pandemic and his campaign focus on the threats posed by China underscore his commitment to addressing these issues. Schmitt believes that a comprehensive approach is necessary to tackle the challenges arising from China's economic activities.