Congressional Republicans not endorsing Trump's heavy tariff threats
By Charleston Lim
President-elect Donald Trump's latest rant on social media regarding the possible sanctions for companies planning to outsource or move their manufacturing to other countries has sparked some new concerns within the business sector. However, it seems like the House of Republican leaders may not be on board with Trump's ideas as they refused to endorse Trump's heavy tariff threats.
House Majority Leader, Kevin McCarthy, stated that they are not really in favor of imposing heavy taxes on companies who move their jobs overseas. The republican leader held a pen and pad conference with reporters earlier in the week, where he answered some questions about their plans based on Trump's recent statements. There were also some questions about whether or not Congress would consider passing a bill to make Trump's tariff threats into law. McCarthy did not outright criticize Trump's ideas and explained that there may be other ways to achieve the incoming president's goals.
"I think the point the president-elect was trying to make was he wants to create jobs in America. Today, the best way to make that change is through tax reform ... I think there are other ways to achieve what the president elect is talking about, but the only way you can do any of this is you've got to have tax reform." McCarthy had explained to reporters.
Trump's recent posts on social media such as Facebook and Twitter had generated a lot of concern amongst different business within the country, most especially as he mentioned a possible 35 percent increase in tariff rates for American companies shipping products into the United States. Trump mentioned that it would be a big and expensive mistake for these companies to bring their manufacturing outside the country and that those who will might be met with huge consequences. Trump's statements are of course empty threats for now as a tariff increase would need to pass Congress first, and it looks like congressional Republicans aren't really that keen on the idea.