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During his campaign, President-elect Donald Trump proposed implementing new tariffs across the board. The self-proclaimed “tariff man” said he could impose such tariffs on U.S. imports without Congressional approval.
There is debate among economists and other experts about whether he can do so.
Sen. Rick Scott, R-Fla. One of the three senators vying to replace Sen. Mitch McConnell (R-Ky.) as Senate majority leader suggested on Sunday that Trump probably needs help from Congress.
“Unless there is a way to reach a settlement with 51 (votes), tariffs will likely require 60 (votes) in the Senate,” Scott said on Fox News’ “Sunday Morning Futures.”
Reconciliation is a way to pass tax and spending bills with a simple majority in the Senate. This would avoid a filibuster, which would require 60 votes to pass.
The control of the House of Representatives, which would need to pass such a bill, remains unclear.
Customs duties are taxes on imported goods, usually levied on consumers. President Trump has vowed to impose flat tariffs of 10% to 20% on all imports arriving in the United States, and at least 60% on imports from China.
He has proposed other ideas, including imposing at least a 200% tariff on cars from Mexico and a similar tariff on the company. Dear & Company If you move some of your production from the United States to Mexico.
Economic experts are debating whether President Trump’s tariff plans, particularly taxes on imports from around the world, are achievable through presidential action.
“President Trump does not have the authority to do this,” Alan Wolf, former deputy director general of the World Trade Organization, wrote in September.
However, President Trump could “insist on national security” or use “various things in the law” to impose flat tariffs, said the Harvard professor and former economic advisor during the Obama era. said Jason Furman, former chairman of the association. the administration told CNBC.
“Eventually, though, it will all end up in court,” he added.
