After fifteen years of deadlocked negotiations between the United States and Taiwan, we are one step closer to securing a comprehensive, bilateral trade deal with our 11^th largest ally. On August 28^th, President Tsai Ing-wen of Taiwan announced that regulatory restrictions on imported pork and beef products from the United States will be loosened in a gesture of good faith. This comes at a time when both Taiwan and the United States face unprecedented encroachment – and threats – from the Chinese Communist Party (CCP). Without question, strengthening our existing alliance with Taiwan is imperative.

North Carolina hog farmers have a reason to celebrate as well. As the second largest pork producing state in the country, this news comes at a pivotal moment for the meat industry. From March to April of this year, it’s estimated that production capacity for beef and pork sectors was reduced by 40 percent, and overall projected losses for 2020 are northwards of $19 billion for both sectors. What’s more, the United States has seen a significant uptick in overall meat exports to China compared to last year’s output.

For context, in 2019 the United States exported over 10,051 metric tons of beef and pork to Taiwan that was valued at over $86 million. Though this number may seem small compared to other exports, it underscores the potential of what can materialize through a bolstered relationship with Taiwan. It is my hope that U.S. Trade Ambassador Lighthizer will continue to work alongside our Taiwanese counterparts to secure a deal that both countries can prosper from.

Bad Bill of The Week

In June, the House passed H.R. 5332, the so-called Protecting Your Credit Score Act of 2020, legislation that would mandate credit bureaus to create a “one stop shop” online portal where consumers can access credit reports for free, view credit scores, and contest credit discrepancies. Initially, H.R. 5332 may sound appealing, but its underpinnings reveal a myriad of vulnerabilities that would jeopardize consumer data and create a launching pad for ill-conceived initiatives that only inflate government bureaucracy. We live in a time where online scams and bad actors are flourishing, and the last thing we need is legislation that puts consumers one step closer to having their personal information compromised and their livelihoods destroyed. Allow me to show you why this legislation spells disaster.

A publicly accessible portal for credit reporting would allow hackers to gain unfettered access to sensitive information such as social security numbers and extensive credit histories of millions of Americans with just a click of a button. What’s more, if personal information were to be compromised, the onus is immediately put on financial institutions. Credit bureaus would be extended no legal protections in the event of a data breach and would be open to a myriad of frivolous, class-action lawsuits. This just goes to show that what sounds good in theory may not always work when put into practice.

Earthquake Disaster Aid From The Small Business Administration

On Monday, the Small Business Administration (SBA) announced that it will now begin offering low-interest loans to small business owners and homeowners that were adversely impacted by the recent earthquake in western North Carolina. Currently, it is estimated that over 500 structures around the vicinity of Sparta were affected, and the SBA’s damage assessment survey confirmed that over 38 homes and five businesses sustained heavy damage as a result. Residents in Alleghany, Ashe, Surry, and Wilkes counties are also eligible to receive loans if they qualify. For homeowners, loans can be made up to $200,000 and up to $2 million for businesses.

For more information on disaster loans from the SBA, click here.

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Sincerely,