USTR is undermining trade protections for U.S. companies without consulting Congress or the affected companies, which makes them vulnerable to seizures by Mexico that damage U.S. national-security and economic interests
WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Foreign Relations Committee, today spoke on the Senate floor and condemned ongoing efforts by U.S. Trade Representative (USTR) Katherine Tai to weaken protections for American companies under the U.S.-Mexico-Canada Agreement (USMCA), which makes American companies vulnerable to Mexico seizing their property and assets.
Specifically, Hagerty called out Tai for siding with Mexico over Vulcan Materials Company in Mexico’s seizure of Vulcan’s deep-water port and company assets, which are critical to U.S. infrastructure projects and have significant national-security implications. Hagerty also called on Congress to pass his Defending American Property Abroad Act,legislation to impose retaliatory prohibitions that deter and punish any Western Hemisphere nation that unlawfully seizes American assets.
Hagerty was joined in the colloquy by Senators Tim Kaine (D-VA), Katie Britt (R-AL), and Tommy Tuberville (R-AL).
“If Mexico is allowed to target, without repercussion, a company like Vulcan, one that employs thousands of Americans, and has operated responsibility in Mexico for decades, that means no American business is safe in Mexico,” Hagerty said. “This kind of lawlessness will shatter investor confidence in Mexico. Why would any U.S. company risk capital in a country where contracts are meaningless, regulations are weaponized, and property can be seized at the government’s whim? This erosion of trust threatens not only American jobs, but also the economic integration of North America, which many think is vital to our national security and our global competitiveness.”
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