Sen. Joni Ernst (R-IA) has released her first TV campaign ad of the year, and she gets right to the point: We need to start being more aggressive against China.
"We drove our trucks all over Baghdad," she says in the video. "Through terror cells and IEDs. But we kept the supply chains going, because American lives counted on it."
Check out our first ad of the campaign!
— Joni Ernst (@joniernst) July 6, 2020
In Iraq, my job was to make sure the supply chain stayed intact.
Now we face a different supply chain threat - this one from Communist China. We must move our supply chain back home and reduce our dependence on China. pic.twitter.com/uTUCtZMNpO
Today, Sen. Ernst says, we face a different supply chain threat: China.
"We rely on communist China for far too much," she explains.
She hasn't only been talking about the Chinese threat. Sen. Ernst recently wrote a letter to Treasury Secretary Steven Mnuchin in which she stressed that the U.S. must be more aggressive toward China, particularly after the communist regime's mishandling and cover-up of the coronavirus. China's role in the pandemic resulted in the loss of thousands of American lives, as well as devastating economic consequences.
The Department of Treasury maintains a monthly accounting of major foreign holders of U.S. debt that serves as a great reminder of the more than $! Trillion we are in debt to the Chinese.
What is not as transparent is how much China profits from our red ink both in terms of dividends paid on the interest off of Treasury bonds and a special loophole that exempts those profits from taxation. If its government-owned industries were treated the same as a U.S. citizen or small business, China would be required to pay taxes on the interest earned on the Treasury bonds that our government sells as a way to borrow money. Due to a decades old trade deal, however, China pays no tax on U.S.
Due to a decades old trade deal, the Chinese government doesn’t have to pay taxes on earnings from U.S. treasury bonds. We should let American taxpayers know exactly how much China is saving through these loopholes.https://t.co/Lm9H2TrfGl
— Joni Ernst (@joniernst) July 3, 2020
She requested that the Treasury Department begin publicly posting the amount of interest paid to the top ten major foreign holders of U.S. Treasury securities as well as the cost of foregone tax revenues resulting from any exemptions granted by trade deals or other agreements with those nations.
"Saving America," the senator says in her new ad, "starts with made in America."