Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Politics

House Republicans clear path for Trump to act on tariff plans

by January 24, 2025
January 24, 2025

House Republicans are unveiling a new bill to clear a path for President Donald Trump to enact his sweeping tariff plans.

First-term Rep. Riley Moore, R-W.Va., is reintroducing the U.S. Reciprocal Trade Act on Friday, which, if passed, would allow Trump to unilaterally make moves on import taxes from both adversaries and allies.

He would be required to notify Congress, however, which could file a joint resolution of disapproval against the moves.

‘American manufacturing has endured decades of decline under the globalist system that has hollowed out our industrial base and shipped countless jobs overseas. Leaders in both political parties deserve blame. But those days are over,’ Moore said in a statement.

Moore said Trump was ‘the first national politician in my lifetime to recognize this problem, campaign on it, and work to reverse that trend.’

‘With the U.S. Reciprocal Trade Act, we’ll give the executive the leverage necessary to go to bat for the American people and achieve tariff reductions on U.S. goods,’ he said.

Trump released a campaign video in 2023 pledging to work with Congress to pass the Reciprocal Trade Act, declaring, ‘Under the Trump Reciprocal Trade Act, other countries will have two choices—they’ll get rid of their tariffs on us, or they will pay us hundreds of billions of dollars, and the United States will make an absolute FORTUNE.’

This week, the president announced that he wanted to impose a 10% tariff on Chinese imports, making good on a campaign promise to use such taxes to lower the U.S. national debt, which is currently over $36 trillion.

‘We’re talking about a tariff of 10% on China, based on the fact that they’re sending fentanyl to Mexico and Canada,’ Trump said Tuesday. ‘Probably February 1st is the date we’re looking at.’ 

During his campaign, Trump promised to levy a 60% tariff on goods from China and as much as 20% on other countries the U.S. trades with.

He also recently pledged on Truth Social to create an ‘External Revenue Service’ to ‘collect our Tariffs, Duties, and all Revenue that come from Foreign sources.’

Trump has praised the U.S. Reciprocal Trade Act by name multiple times, including during a January 2019 meeting with House Republicans, including the bill’s former lead, ex-Rep. Sean Duffy, R-Wis. Trump recently nominated Duffy to be secretary of Transportation.

‘The United States Reciprocal Trade Act — this legislation will help, finally, to give our workers a fair and level playing field against other countries. Countries are taking advantage of us, whether they think we’re very nice or not so smart.  They’ve been doing it for many, many years, and we want to end it,’ Trump said at the time.

However, not everyone is in agreement that tariffs are an effective way to bolster the U.S. economy, with some economists warning it would only raise costs for consumers.

‘Not only would widespread tariffs drive up costs at home and likely send our economy into recession, but they would likely lead to significant retaliation, hurting American workers, farmers, and businesses,’ Rep. Suzan DelBene, D-Wash., said while unveiling a measure to block Trump from using unilateral tariff powers by declaring a trade emergency.

This post appeared first on FOX NEWS
0
FacebookTwitterGoogle +Pinterest
previous post
The Case for Conditioning Disaster Aid to California
next post
Q&A Spotlight with Andrew Young, CEO of Conjugate Group

You may also like

House leaders aim for vote on Trump-backed elections...

June 27, 2024

2024 Watch: Sen. Tim Scott on his relationship...

September 17, 2023

Maine lawmakers eye proposals to expand abortion access

April 5, 2023

NIH director clarifies HHS communications freeze, confirms some...

January 28, 2025

Former Ukraine prosecutor makes explosive claims against Joe...

August 26, 2023

Biden the Bully Delivers Warning to GOP: “Know...

October 2, 2022

Is China Secretly Operating Inside the Hawaiian Real...

October 1, 2022

Joe Biden: “It’s Gonna Take Time to Get...

November 30, 2022

Menendez says he will not resign in closed...

September 29, 2023

Susan Collins vows to oppose Trump FBI director...

February 20, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump warns Rand Paul he’s playing into ‘hands of the Democrats’ with ‘Big, Beautiful Bill’ opposition

      June 1, 2025
    • White House urges Iran to accept nuclear deal as IAEA reports uranium enrichment spike

      June 1, 2025
    • Israel hostage deal in doubt as Hamas adds demands, US envoy calls terms ‘unacceptable’

      May 31, 2025
    • Iran condemns Austria over report on advanced nuclear weapons program

      May 31, 2025
    • Michelle Obama facing backlash over claim about women’s reproductive health

      May 31, 2025
    • Hamas agrees to release 10 more hostages

      May 31, 2025

    Categories

    • Business (8,105)
    • Investing (2,000)
    • Politics (15,453)
    • Stocks (3,119)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved