FIRST ON FOX: The Monroe Doctrine is back in full swing – both with President-elect Donald Trump’s push for a takeover of the Panama Canal and new legislation from Rep. Mark Green to encourage investment in Latin America.
The Homeland Security chairman and Tennessee Republican put forth a pair of bills on Friday – one to use tariffs to create a low-interest loan program for companies to relocate from China to Latin America.
Another would use tariffs collected on Chinese goods to offer a tax incentive to offset moving costs for U.S. companies to bring their operations back to U.S. soil.
The Western Hemisphere Nearshoring Act would institute a program through the International Development Finance Corporation to buy down interest rates with tariff money.
Under the Bring American Companies Home Act, amounts paid to move inventory, equipment or supplies used in a trade or business from China to the U.S. would be allowed as a deduction on taxes. The program would be funded through a trust fund of tariffs collected.
“Communist China’s malign influence continues to spread throughout the Western Hemisphere. It’s time for us to take a stand. By rebuilding infrastructure and manufacturing jobs in this region, we can mute China’s siren song,” Green told Fox News Digital.
The U.S. has long invested heavily in Latin America and the Carribean, but China is South America’s biggest trading partner and benefactor. As part of its Belt and Road initiative, it is increasingly flexing its muscle with grants and loans across the continent. China in November unveiled a megaport in Peru.
Lawmakers have begun to float ideas to “reshore” supply chains from China and reassert hegemony in the western hemisphere with trade partnerships throughout the Americas.
Vice President Kamala Harris, tapped to lead the border response, focused on the “root causes” of immigration by attempting to bring investment to Latin America to improve conditions for locals so they would not make the dangerous trek to the U.S. border.
Trump has signaled that he will re-prioritize the western hemisphere, a priority dating back to the Monroe Doctrine of 1823, through calls for the U.S. to take back the Panama Canal.
Over the past few weeks, Trump has insisted that China is in control of the canal and that Panama is “ripping off” the U.S.
“Look, the Panama Canal is vital to our country,” Trump said. “It’s being operated by China — China! — and we gave the Panama Canal to Panama, we didn’t give it to China. They’ve abused that gift.”
China is the second-largest user of the canal after the U.S. and a major investor in the country. Two of the canal’s ports of entry are owned by a subsidiary of a Hong Kong-based company, CK Hutchison. Beijing also helped finance a new bridge over the waterway.
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