What would it mean for American companies - from large corporations to small businesses - if China decided to follow Russia’s example and attack Taiwan? I’m confident that it would be bad news for our supply chain.
This week, I had a briefing with the U.S. Ambassador to China, and it’s clear that there’s no shortage of threats coming from the Chinese Communist Party. Whether it’s the refusal to take responsibility for COVID-19, its threats against Taiwan or supply chain issues, reliance on China is a huge liability for our economy. We need to take steps now to lessen our dependence, and shore up our own production and diversify our outsourcing.
Also on the economic front, the Federal Reserve announced that they are raising interest rates again, this time by another 75 basis points. For anyone with a credit card, a mortgage or a car loan, those payments are about to get even more expensive on top of the inflation that’s keeping prices high.
Finally, this week was National Estuaries Week, which recognizes the importance of estuaries to our communities, and I introduced bipartisan legislation to highlight these vital ecosystems. Even though estuaries take up only 13 percent of the land areas of the continental United States, they contribute to 40 percent of jobs and 50 percent of the nation's economic output. On top of that, they are essential to our Florida way of life!