Four US senators have introduced bipartisan legislation that would require the US Department of the Treasury to terminate the US-China Tax Treaty within 30 days after a presidential determination that China has initiated an armed attack against Taiwan.
The senators are Republicans John Cornyn and Bill Cassidy, and Democrats Chris Coons and Catherine Cortez Masto.
“The United States must make it crystal clear the Chinese Communist Party will face dire consequences if it moves to invade Taiwan,” Cornyn said on Tuesday.
Photo: Screengrab from YouTube
“The security of our partners in the Indo-Pacific is critical to American trade objectives, regional stability and fostering democracy around the world,” Coons said. “That’s why I am proud to cosponsor this bipartisan legislation to signal that potential aggression from the Chinese against Taiwan would be seriously detrimental to our economic relationship and incur immediate, severe consequences.”
Penalizing China for attacking US allies is “common sense,” Cassidy said.
“This legislation will help deter aggression in the region by making it clear that the US will not give favorable tax treatment to countries that make war on their neighbors,” Cortez said.
According to Article 28 of the US-China Tax Treaty, either side can terminate the treaty provided they inform the other of the decision six months in advance.
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