An Iowa business leader is among the witnesses scheduled to testify before a Congressional panel this morning about the practicality of increased trade with China. Norm Sorenson, president and CEO of Des Moines-based Principal International, is slated to appear before the Senate Finance Committee.
Iowa Senator Chuck Grassley is on the panel and says Sorenson will be among several witnesses addressing opportunities and challenges in the economic relationship between the U.S. and China. Grassley says: "These hearings are not only going to deal with the currency issue, they’re going to deal with any of the trade problems that we have with China. And, of course, we’re going to have witnesses pointing out the advantages of trade with China, witnesses turning out talking about the disadvantages and then people of both groups with suggestions of what can be done to correct the situation."
The hearing was scheduled to start at 9 A.M./Central time. Legislation failed last year, some of it co-sponsored by Grassley, which would have reformed U.S. currency policies and put new tariffs on goods coming into the U.S. from China. Grassley says he’ll be considering reviving some of that legislation following the hearings.