Rep. Ritchie Torres emphasized the need to prepare the national economy in case the CCP moves forward with invading Taiwan. Bipartisan legislation has been introduced in the House to create an economic strategy to address the potential economic fallout of a Chinese invasion of Taiwan. The “Fortifying U.S. Markets from Chinese Military Aggression Act” was introduced by Reps. Blaine Luetkemeyer and Ritchie Torres. The legislation aims to establish an advisory committee to develop an economic plan to mitigate the economic repercussions of a military invasion by the CCP. This committee, under the Financial Stability Oversight Council, will assess risks in the financial services and banking systems and develop solutions to address them. Several U.S. officials have raised concerns about the Chinese regime’s intentions to invade Taiwan, with Adm. John Aquilino warning of a potential invasion by 2027. CIA Director William Burns also indicated intelligence suggesting that China is preparing for an invasion by 2027. Taiwan’s role in the global tech industry, particularly with chip manufacturing, is crucial, with companies like TSMC providing semiconductors for top tech firms. A Chinese invasion of Taiwan could have significant economic impacts, with projections suggesting a $10 trillion cost and potential declines in the U.S., China, and Taiwan’s economies. The U.S. government must be prepared for any global emergencies, especially if the CCP advances on Taiwan. According to a wargame report from CSIS, China would likely be defeated in a conventional invasion of Taiwan, but at a cost to the U.S. Navy and Taiwan’s economy. The Reagan National Defense Survey found that a majority of Americans are concerned about a possible Chinese invasion of Taiwan and support increasing U.S. presence near the island to deter such actions. Despite not having formal diplomatic ties, the U.S. and Taiwan maintain a strong relationship based on the Taiwan Relations Act. Please rewrite the following sentence to make it clearer: “The project was not completed due to unforeseen circumstances.”
“The project was unable to be finished because of unexpected events.”
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