Washington, D.C. — Today, Senator Ted Budd (R-NC) helped introduce the Defending American Property Abroad Act alongside Senator Bill Hagerty (R-TN).
The bipartisan legislation would impose retaliatory prohibitions that deter and punish any Western Hemisphere nation that unlawfully seizes American assets. The bill responds to ongoing efforts by the Mexican government to seize a deep-water port owned by U.S.-based Vulcan Materials Company, which is a flagrant violation of the United Sates-Mexico-Canada Agreement (USMCA).
The bill is co-sponsored by Senators John Barrasso (R-WY), Katie Britt (R-AL), Tim Kaine (D-VA), and Tommy Tuberville (R-AL).
Senator Budd said in a statement:
“The United States and Mexico have an important trade and economic relationship. The illegal seizure of American property and infrastructure in Mexico is unacceptable and undermines that relationship. I am proud to partner with Senator Hagerty to stand up for American’s right to engage in international commerce without being extorted.”
Senator Hagerty said:
“I strongly condemn AMLO’s threats against Vulcan Materials Company and am pleased to see this bipartisan rebuke from the United States Senate. No nation or president, and especially one of our largest trade partners, should be allowed to bully an American firm without consequences. Our legislation will help to undermine any attempt by AMLO to profit from his illegal actions and, in the event of a seizure, would strengthen our nation’s position in trade negotiations with Mexico.”
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