Ryan: If U.S. Doesn’t Lead on Trade, China Will

Ryan: If we don't lead on global trade, China will (CNBC)

The U.S. should be writing the new rules for global trade, not China, House Ways and Means Chairman Paul Ryan said Wednesday, ahead of an afternoon trade hearing before his committee and a key trade vote by a Senate panel.

The Senate Finance Committee is scheduled to vote on fast-track trade legislation Wednesday. The bill, which actually puts the White House and Republicans on the same side, would renew presidential authority to present trade deals that Congress can endorse or reject, but not amend.

"This is about more jobs and higher wages," Ryan, R-Wis., told CNBC's "Squawk Box" in an interview. "We need to open up markets to our products, so that we can make more things in American and send them overseas."