Posted on 01/18/2017 5:00:11 PM PST by Mariner
President-elect Donald Trump could soon face resistance within his own party over his tariff threats.
A staffer for Republican Senator Mike Lee told trade experts at a lunch in Washington this week that he is looking into ways to curtail the president's wide-ranging powers to impose tariffs, according to one of Lee's aides.
The aide said a bill could be introduced as early as next week, and it may require Trump to go through Congress to use tariffs.
Lee, who represents Utah, declined to comment for this story. Trump's spokesperson did not respond to a request for comment.
The aide emphasized that the bill is not just a push against Trump on trade, but part of a broader effort to transfer more legislative power to Congress from the executive branch.
Trade experts who attended the lunch said no major specifics were discussed. Even if it is not passed, this effort to reel in Trump's trade powers could change the optimistic narrative on tariffs that Trump has cast.
(Excerpt) Read more at money.cnn.com ...
“He [Trump] is Wong on trade.” Says who, you? We have tried your way since the end of WW II and I would like YOU, yes you, to make a cogent argument as to why you way has been working when America’s share of global GDP has fallen since we have been doing it your way.
If you will not, or CANNOT, then you need to STFU.
Trump is right on trade. We’re dealing with China, the trading partner who imposes high taxes on foreign imports, and dump their slave cheap labor products designing to decimate American manufacturing.
“Responding to an urgent need for revenue and a trade imbalance with England that was fast destroying the infant American industries and draining the nation of its currency, the First United States Congress passed, and President George Washington signed, the Hamilton Tariff of 1789, which authorized the collection of duties on imported goods. Customs duties as set by tariff rates up to 1860 were usually about 80–95% of all federal revenue. Having just fought a war over taxation (among other things) the U.S. Congress wanted a reliable source of income that was relatively unobtrusive and easy to collect. It also sought to protect the infant industries that had developed during the war but which were now threatened by cheaper imports, especially from England. Tariffs and excise taxes were authorized by the United States Constitution and recommended by the first United States Secretary of the Treasury, Alexander Hamilton in 1789”
The US established the largest capital stock in world history through tariffs and mercantilism.
China and the rest of the world intend to take that capital stock via the same means.
Maybe Mr Lee-the so called great scholar he claims to be, ought to read the opinion of the founders on the issue instead of trying to play to his surgar daddies.
Like James Madisons address to the states, April 25th 1783.
Or, George Washingtons opinon on matter.
Congress has already ceded that power to POTUS.
One could argue that Lee only intends to right the Constitutional ship, but one would have to be dumb and/or naive to do so.
[The aide emphasized that the bill is not just a push against Trump on trade, but part of a broader effort to transfer more legislative power to Congress from the executive branch.]
This is hilarious. They were perfectly fine sitting on their asses when Captain Midnight was president and running wild with executive actions. Now that something threatens their corporate paymasters, they look to limit executive power.
This tells you all you need to know about today’s GOP.
My, my...such hostility. I’m sure you’ll win many debates.
https://www.adamsmith.org/the-wealth-of-nations/
While both taxing imports and artificially pegging their currency to the dollar at an unrealistic rate, China is following the US, and before that European Colonial model of mercantilism.
Because it WORKS.
They are bleeding away America’s capital stock. And lifeblood.
bttt, ain ‘t all in but study’n your appoach
Sounds believable. After all it’s from CNN quoting an anonymous source.
“This tells you all you need to know about today’s GOP.”
Yes, it does. They don’t deserve the respect given a dirty gutter whore.
You’ll remember, the prick never sought to curtail Obama’s power. I once heard him being interviewed by Limbaugh some years ago. You would have thought, by the way he talked, that he was the love child of Thomas Jefferson and Dolly Madison.
Crony capitalist
A more accurate accusation would be: competing crony capitalist.
If we don’t seize and keep our birthright the other crony capitalists will steal it from us.
Trump is right on trade. “Free trade” is loved by Obama and the RINOs like Lee because it enriches their donors. It’s just opening the doorway for major American companies to find new sources of cheap labor.
So after 8 years of no budget signed on by the House submitted by a compliant Congress
all of a sudden Lee grows a spine and wants the "U.S. Chamber of Corporations" policy in Congress to remain the same ?
Have you forgotten already that the Federal socialist narcissist-in-chief hasn't even vacated the White Hut yet,
and we are still bleeding money to all these international social justice programs, the UN, foreign School Girls education, fat lesbian studies, etc..?
At some point you have to stop the bleeding, even to do triage, even if it is only a temporary imposition, so that the country's priorities can be put in proper order,
and we assess the true damage to trade that has been done over the last 8 years.
Give the President-elect an opportunity to get in the door before you bombastically try to take him out at the knees.
Have patience ,..grasshopper !
Lee, who represents mitt romney
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“he’s wrong on trade”
If revenues from tariffs are matched with reductions in income taxes, would that be a bad thing?
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