New Tariffs Inform U.S. Senate Vote
(Arlington, VA) – Yesterday the United States Trade Representative announced the beginning of a process to levy tariffs of 10 percent on $200 billion in U.S. imports from China. This action is a U.S. response to China’s decision to impose tariffs on as much as $50 billion in imports from the United States, which was itself a reaction to the move by the U.S. to impose tariffs on as much as $50 billion in imports from the United States. No negotiations or discussions are currently scheduled to resolve the trade dispute between the two nations.
Separately, the U.S. Senate today approved a nonbinding resolution that supports the return of authority to set tariff rates to the Congress, instead of with the White House.
Daniel Garza, President of The LIBRE Initiative, released the following statement:
“Simply put, tariffs are taxes on American companies and American consumers who buy or use products from abroad. New and higher taxes have never made America more successful or more prosperous. Instead, our focus needs to be on lowering the taxes that raise consumer prices and reduce economic opportunity. Congress and the president should keep their focus on improving our economy by eliminating unneeded taxes. The Senate today signaled the importance of this effort by passing a resolution – but it will require action by the administration to put the focus where it should be – engaging with allies and trade partners to bring tariffs back down, on all sides.”