Washington, D.C. – U.S. Senators Pat Toomey (R-Pa.) and Mark Warner (D-Va.) issued the following joint statement on the deal to give European Union businesses a preferential investment environment in China:

“America’s go-it-alone approach to trade over the past four years has harmed American workers, consumers, and businesses, all of whom have paid the cost of various punitive tariff campaigns. It also diminished domestic economic growth, alienated longstanding allies, and undermined America’s global standing.

“It is encouraging that President-elect Biden would like the European Union to wait until he takes office to finalize an investment deal with China. A multilateral approach is necessary to confront China on issues like its abusive labor conditions, unfair and opaque subsidies, forced technology transfers, intellectual property theft, and more.

“The United States has a long history of working with our allies to break down barriers to expanding trade and promoting a rules-based system founded on transparency, reciprocity, and fairness. Another such opportunity exists right now. We strongly encourage our friends in the European Union to delay any agreement with China so that the next Congress and president can work alongside them in ending China’s illegal and unfair trade practices and threats to global supply chain integrity.”