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Forbes Breaking News
  • 5 months ago
At a Senate Finance Committee hearing on Thursday, Sen. Chuck Grassley (R-IA) asked Trump trade nominee Bryan Switzer about trade with China.
Transcript
00:00Senator Grassley. My first questions and maybe it'll eat up all my time is
00:05directed towards Mr. Tyre. The one big beautiful bill was an historic
00:11achievement. We averted the largest tax increase in history. It made a pro-growth
00:17business provisions permanent. It unlocked business investment that will
00:23create jobs. The bill also provides additional middle-class tax relief. So
00:28now getting to Treasury writing regulations and making decisions as
00:33Treasury works to implement the bill the agency must work with members to ensure
00:39the provisions are implemented according to the statute and faithful to
00:44congressional intent. So the first question is a very general one. Can we
00:50count on you to keep Congress well informed during the implementation
00:53process and consult with relative members of Congress where
00:58questions arise as to what what was congressional intent?
01:03Yes sir Senator Grassley I think absolutely I want to recognize that you
01:08have long been a leader on tax on this committee. I remember now fondly the many
01:13late nights and hard work that we had in 2017 working through that bill. I know
01:17you've done the same here and Treasury will implement the law and I look forward
01:22to working with you and your team as we go through the process. There are several
01:27provisions that I'm particularly interested in and seeing faithfully
01:32implemented. This includes the structure of the phase-out for wind and solar
01:38credits and modification of the clean fuels production credit and remember
01:44you're talking to the father of the wind energy tax credit. I worked with my
01:48colleagues to provide wind and solar an appropriate glide path for the orderly
01:54phase-out of the tax credits. Ultimately Congress enshrined in statute a 12-month
02:01transition period based on when projects quote unquote begin construction. What it
02:08means for a project to quote unquote begin construction has been very well
02:17established by Treasury guidance for more than a decade. Moreover Congress
02:24specifically references current Treasury guidelines to set that terms meaning into
02:31law. It seems to me this is a case where both the law and congressional intent are
02:38very very very clear. So Mr. Tyre will you commit to advising the department that
02:45both the law and the congressional intent are clear and at the beginning of
02:51destruction construction those official words means what it has meant for more
02:58than a decade. Thanks Senator Grassley. Again you on behalf of your constituents have
03:03been a leader for decades now. Is your microphone on? Yes sir. Well then get
03:08closer to it. Will do. Again Senator you've been a leader for many decades on
03:13these tax policies. It's tough to imagine a better representative of constituent
03:18interest than you and this is an issue that falls squarely in the purview of the
03:22Office of Tax Policy at Treasury. We had an opportunity to meet with your staff
03:27this week. I understand there was interaction directly with you as well and I think if
03:31confirmed you can expect that that type of engagement to continue an open door
03:35through the Office of Tax through the Office of Legislative Affairs as the
03:39Office of Tax Policy works through these questions. Okay now to biofuels. The
03:46reconciliation bill includes an extension and modification of clean fuel
03:51production tax credit 45Z. Implementing this credit properly and quickly is
03:58important for the biofuels industry and its participants especially farmers. The
04:05Biden administration failed to meaningfully address 45Z regulation which
04:11has caused major market disruption including plant closures. When can we
04:18expect to see guidance formally on implementing the clean fuel credits so that
04:23the biofuels industry can confidently move forward with operations? Thank you
04:29Senator. This again is an issue that falls squarely within the Office of Tax Policy. I
04:34don't have the timeline on on where when they might provide guidance there but this
04:39input is helpful. It's noted and we'll be sure it is conveyed as a priority to two of
04:43my colleagues. Can you expand my point of view to everybody involved in it? Absolutely, yes sir. Mr. Schweitzer, this will have to be quick.
04:52Do you think the well you will be handling the areas of international trade and I'm
05:00interested in China based on your personal history you know how challenging
05:05this will be. Do you think that the whole United States economy needs to decouple
05:10completely from China or only certain sections of our sectors of our economy? Thank
05:18you for that important question, Senator. As Secretary Besson has said, the President
05:23has said, Ambassador Greer has said, we don't seek to decouple from China. What we seek is
05:28trade reciprocity and we seek trade de-risking. There are certain segments of
05:33the US economy that require de-risking. Semiconductors is a really important one
05:37obviously. Autonomous vehicles, the Internet of Things for instance, we have cyber
05:42physical systems that can turn on and turn off elements of our critical digital
05:46infrastructure, aerospace, defense, other areas of national infrastructure. These
05:53are the things that we need to de-risk. But when it comes to the other areas we
05:56want to sell into China. If as long as there's trade reciprocity we should be able
06:00to buy from China items that they produce that others can't produce or whether it be
06:06certain types of textiles and others where there's a there's a robust market. So we
06:09really seek is purely fairness, reciprocity and of course we do need some
06:14strategic de-risking as you know Secretary Besson said recently, as the
06:18President said before. The gentleman's expired.
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