Orrin Hatch has released a statement condemning Trump’s coming tariffs on steel and aluminum, calling them a tax hike the American people don’t need and can’t afford:
Chairman @senorrinhatch’s statement on the president’s comments that he plans to announce tariffs on steel and aluminum. pic.twitter.com/z5yfDlW8Vd
— GOP Senate Finance (@GOPSenFinance) March 1, 2018
He’s exactly right. Tariffs end up getting passed down to the consumer and amounts to nothing more than a tax on the American people. But Trump never seems to understand this.
It’s also being reported that Speaker Ryan is against the move:
Speaker Ryan pushes back on steep tariffs. "The speaker is hoping the president will consider the unintended consequences of this idea and look at other approaches before moving forward," says spokes Doug Andres
— Erik Wasson (@elwasson) March 1, 2018
Earlier today White House officials were saying Trump was holding a ‘listening session’ only on trade tariffs:
https://twitter.com/jonathanvswan/status/969237790209683456
https://twitter.com/jonathanvswan/status/969240128022433794
The President thru a tantrum last night and almost started a legit trade war w/ several US allies. If this bullet has indeed been dodged today, it is beyond time for Congress to take a very, very hard look at reining in executive trade power. https://t.co/zoJ3vTFCAQ
— Scott Lincicome (@scottlincicome) March 1, 2018
But then there was this:
Trump just announced the tariffs in response to a reporter's shouted question: "It'll be 25% for steel, it'll be 10% for aluminum, and it will be for a very long time."
— Josh Rogin (@joshrogin) March 1, 2018
Details of the coming trade war come in off-the-cuff statement, against counsel of several top advisers.https://t.co/vAZhVjB2Xw
— Stephen Hayes (@stephenfhayes) March 1, 2018
Does this count as a formal "determination by the president" under Section 232 (19 USC 1862(c))? 🤔 https://t.co/jWRVjWFhYT
— Scott Lincicome (@scottlincicome) March 1, 2018
And this is the bottom line:
Things to remember when told this is *really* a trade war w China (which they started):
— Scott Lincicome (@scottlincicome) March 1, 2018
1) China's not even a top 10 steel exporter to USA & already faces 160+ "unfair trade" duties here
2) Most victims will be Americans (consumer/exporter) & US allies (who will likely retaliate)