Trump allies push to arm president with new tariff weapon to punish countries 'ripping off' America
FIRST ON FOX: Just as the Trump administration has refunded billions in tariffs to companies in the U.S., a push is growing in the Senate to give the president sharper,...
By Fox News · Fox News
FIRST ON FOX: Just as the Trump administration has refunded billions in tariffs to companies in the U.S., a push is growing in the Senate to give the president sharper, more focused tariff powers across the globe. Sen. Rick Scott, R-Fla., is leading the charge to give President Donald Trump congressional approval for his tariffs, specifically against countries that have longstanding trade deficits with the U.S. after his universal duties were nixed by the Supreme Court. "Previous generations of Americans gave us an economic superpower; it’s our job to preserve what they built and to leave America better than we found it for our children and grandchildren," Scott told Fox News Digital in a statement. "That means we can’t let other countries rip us off." TRUMP JUST EXPANDED HIS TARIFF PLAYBOOK WITH A POWERFUL TRADE WEAPON NO PRESIDENT HAS EVER USED Scott’s bill, the Trade Deficit Elimination Act, would in effect create a congressional framework that allows Trump to authorize tariffs where there are trade deficits with the nation’s trade partners that are a detriment to America’s national security, foreign policy interests, and economic interests. It would require the creation of an annual watch list for countries with trade deficits that are identified and compiled by U.S. Trade Representative Jamieson Greer. That list would deem each country identified as having "trade deficit economies." From there, Scott’s bill would allow Trump to impose, increase, decrease, suspend, or modify tariffs on imports from the listed countries in a bid to eliminate bilateral goods trade deficits . TRUMP BET TARIFFS WOULD BRING BACK AMERICAN FACTORY JOBS. NEW REPORT SAYS IT DIDN'T WORK Trump and Greer would still need to seek consultation from Congress, specifically from the House Ways and Means and Senate Finance committees, but aren’t required to get congressional approval for applying duties to listed countries. It also exempts certain products considered critical to U.S. supply chai…