A mostly Democratic Party panel of members of the Joint Economic Committee (JEC) held a hearing on tariffs on Wednesday, where the room was heavily weighted against incoming president Trump’s 10% (or 20%) universal tariff proposal.
While the bill’s title suggests a crackdown on the unfolding de minimis catastrophe, in reality it would handcuff CBP’s ability to do anything about it.
Biden’s signature climate change-related spending policy, the Inflation Reduction Act, is said to be going under the knife once Trump takes office in January. But with Republican districts now full of solar, and solar manufacturing facilities, the real risk is changes to the so-called 45X tax credit.
The takeaway from the roughly 90 minute hearing titled “Rebuilding the Arsenal of Democracy” was that the government needed long term contracts and more money to build up defense systems because, based on war games conducted by the Center for Strategic and International Studies, the U.S. struggled to hold its own.
It is now time for the Senate to act swiftly and ensure that this bill becomes law, empowering the DOJ to effectively prosecute international trade crimes and protect American industry.
CPA looks forward to working with Jamieson Greer to advance a robust trade agenda that prioritizes domestic production, holds trade violators accountable, and strengthens America’s industrial base.
For Mr. Lutnick to lead the tariff and trade agenda in the next Administration, he will need an aligned Treasury Secretary to executive critical policies on customs revenue generation, customs valuation, and de minimis.
Either we have a fashion industry or we have de minimis, but we cannot have both, warned Jacob Helberg, one of the 10 commissioners for the U.S. China Economic and Security Review Commission.
The next GOP leader must be 100% pro-tariff and aligned with the Trump administration’s agenda to use tariffs and industrial policy to create jobs, increase domestic production, and build broadly-shared economic growth that fuels America’s Golden Age.
CPA will be working closely with President-Elect Trump’s team to craft policies that will make a lasting impact on U.S. trade and industrial policy.
