The Senate seems to have gone one step ahead of President Donald Trump and has already implanted the first tariff relief legislation. The approved law specifically takes tariffs away from items used in production that can’t be purchased directly in the U.S. It has been referred to as the Miscellaneous Tariff Bill Act, and it had previously been passed by the House in January. However, since the Senate ended up changing some phrasing in the Bill, it will bounce back to the House and reach President Trump afterward.
Finance Committee’s Senator Orrin Hatch stated after the bill’s passing:
This legislation will help American companies compete across the globe and create economic benefits for consumers by reducing trade barriers for American manufacturers that need products that are difficult to obtain in the United States.”
The bill has been deemed as a soon-to-be-effective bipartisan effort that seeks to boost the U.S.’ relevance in the global market. Its passing comes in parallel with President Trump’s current negotiations to hold back on trade wars with the European Commission. Both events have been surrounded by rising concerns from the Republican party that Trump’s actions may be causing permanent damage to the country’s economy.
This caused for several amounts of pressure to be implanted over Trump’s future actions, as members of the Senate were ready to finish a deal on Thursday. The expectations apparently got into the president’s nerves, and he wrote on a Tweet:
When you have people snipping at your heels during a negotiation, it will only take longer to make a deal, and the deal will never be as good as it could have been with unity. Negotiations are going really well, be cool. The end result will be worth it!”
National Association of Manufacturers’ CEO stated his support of the bill, while reminding the public of the vast loss in profit that farmers are currently facing due to tariffs. He stated:
This is a significant step forward for manufacturers, who, along with other businesses, are losing nearly $1 million every day until this bill becomes law.”
Featured image via Wikimedia Commons