The GOP moves towards revoking China's preferred trade standing.

Following the red sweep on Tuesday, House Republicans are considering reviving the idea of revoking China's preferential trade status.

The idea of ending China's Permanent Normal Trade Relations (PNTR) is being promoted more seriously with the Republicans taking control of the White House, Senate, and being on track for a win in the House.

The Chinese Communist Party has exploited America's openness with predatory economic practices that harm our economy, workers, businesses, and national security. We support free trade with free nations, but as the Committee recommended on a bipartisan basis, it is time to reevaluate our relationship with China by moving beyond PNTR to a trade relationship that reflects the threat we face from the CCP.

In 2000, Congress approved a law that allowed China to have permanent normal trade relations with the United States. This change significantly altered the nature of trade between the two countries, as American consumers gained access to inexpensive Chinese imports. As a result, the value of goods imported from China increased from $125 billion in 2001 to $500 billion in 2021.

PNTR opponents argue that it facilitated businesses to move their production to China, and that escalating relations with Beijing could result in supply chain problems.

Opponents of PNTR argue that removing that status would lead to inflation and enable additional tariffs on billions of Chinese goods.

Donald Trump, the newly elected president, has already suggested imposing a 60% tariff on all Chinese products and revoking China's preferred trade standing.

Repealing PNTR would automatically reset the tariffs on Chinese goods to higher levels.

Trump has the authority to implement a significant portion of his trade plan on goods that he considers a "unique and exceptional danger" to national security or the U.S. economy.

In July, the GOP's platform was revealed, calling for the termination of PNTR. Later in September, Planet Chronicle Digital reported that a group of Republican senators introduced a bill to end China's PNTR and impose higher tariffs on many of its products, up to 100%.

In five years, the Biden administration plans to increase tariffs by 100% on strategic imports to national security, in order to boost the domestic market for related goods.

It would boost tariffs on non-strategic goods by a minimum of 35%.

It is anticipated that China will retaliate with tariffs on goods imported from the U.S. annually, as it purchases vast amounts of agricultural products, mainly soybeans, totaling tens of billions of dollars.

The bill, sponsored by Senators Tom Cotton, Marco Rubio, and Josh Hawley, would allow the president to impose additional tariffs, quotas, and bans on specific Chinese goods, while ending "de minimis treatment" for China.

The bill specifies that the revenue generated would be used for the benefit of farmers and manufacturers who may be affected by potential Chinese retaliation, the acquisition of crucial munitions for a Pacific conflict, and reducing the debt.

Planet Chronicle' Liz Elkind contributed to this report.