Cape News

Chairman Smith has expressed strong support for the U.S.-Taiwan Expedited Double-Tax Relief Act, a bipartisan effort aimed at boosting American manufacturing investment and jobs while countering China's influence. According to Smith, the legislation will provide fair tax treatment for American workers and businesses in Taiwan, aligning them with international competitors.

Smith emphasized the risks of America's dependence on China, highlighting job losses and national security concerns. He noted that U.S. exports to Taiwan currently support 188,000 American jobs, with Taiwanese investments in the United States supporting an additional 21,000 positions. The bill aims to reduce barriers to Taiwanese investment in America, aiding in the development of new manufacturing plants staffed by American workers and bolstering domestic semiconductor production.

"Citizens and companies from countries like Great Britain, the European Union, Japan, Australia, and New Zealand all enjoy better tax treatment than Americans in Taiwan currently do," Smith stated. He pointed out that the United States is Taiwan's largest trading partner without a tax treaty.

Enhancing relations with Taiwan is seen as a way to strengthen both the U.S. economy and national security by reducing reliance on Chinese supply chains. The legislation enjoys strong bipartisan backing following previous steps toward a free trade agreement between the two nations.

Smith acknowledged Ranking Member Neal for his role in introducing this legislation alongside him. "Today, we are showing the world that American leaders are united in standing up for our workers and businesses," he said.

Smith urged colleagues to support the bill as it advances toward President Trump's desk, emphasizing its importance for American manufacturing sectors and economic security.