As Trump hails tariffs as a way to gain leverage abroad, GOP lawmakers are moving toward legislation that would shift trade authority to Capitol Hill.
President Donald Trump listens as Sen. Chuck Grassley, R-Iowa, left, speaks at a meeting on immigration with Republican Senators in the Roosevelt Room at the White House, Thursday, Jan. 4, 2018, in Washington.As President Donald Trump hails protectionist policies as a key way to gain leverage abroad, Republican lawmakers are moving toward legislation that would shift tariff powers to Capitol Hill.
Sens. Pat Toomey of Pennsylvania and Rob Portman of Ohio put out competing bills this year that seek to reform Section 232 of the Trade Expansion Act, which lets the president unilaterally impose tariffs on the grounds of national security concerns. Toomey told Business Insider he hopes a markup will be ready"in the coming weeks."
Toomey's plan is seen as the tougher of the two, requiring congressional approval for the president to declare an import a national security threat. It would also retroactively include all presidential orders up to four years prior to its passage. Sen. Chuck Grassley, the chairman of the Senate Finance Committee, is leading efforts to forge a compromise on the dueling bills. In a call with reporters Tuesday, the Iowa Republican acknowledged Trump would likely not be fond of the legislation but avoided criticizing the president.."It's about the balancing of power."
The president argues that duties will ultimately benefit Americans, making any short-term pain at home worth it. He believes reshaping trade policies will bring jobs back to the US, a signature promise of his that dates back to the 2016 campaign trail.
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