House Republicans sign letter expressing ‘deep concern’ over Trump tariffs

House Republicans sign letter expressing ‘deep concern’ over Trump tariffs

divided-gop over Trump tariff, Stockwinners
GOP divided over Trump tariffs,

Over 100 House Republicans have signed a letter to the White House expressing “deep concern” over potential tariffs on aluminum and steel imports.

divided-gop over Trump tariff, Stockwinners
GOP divided over Trump tariffs,

Representative Kevin Brady, a Republican from Texas and chairman of the House Ways and Means Committee, wrote in the letter that, while the GOP lawmakers “support” President Trump’s “resolve to address distortions caused by China’s unfair practices,” they urge him to “reconsider the idea of broad tariffs to avoid unintended negative consequences to the U.S. economy and its workers.”

The letter says that “key elements” are required to minimize any negative consequences associated with the proposed tariffs, namely that any relief should be “narrow” and that a robust exclusion process should be announced at the outset that allows U.S. companies to petition for and promptly obtain duty-free access for imports that are unavailable from U.S. sources or otherwise present extenuating circumstances.

In addition, the lawmakers believe that existing contracts to purchase aluminum or steel should be “grandfathered to allow duty-free imports and avoid disrupting the operations and finances of projects that are already budgeted and underway.”

Lastly, the letter says that the effects of this remedy on the U.S. economy should be “reviewed and reconsidered” on a short-term basis to determine if another approach would be better. Publicly traded metal producers include U.S. Steel (X), Century Aluminum (CENX), Alcoa (AA), and AK Steel (AKS).


STOCKWINNERS

To read timely stories similar to this, along with money making trade ideas, sign up for a membership to Stockwinners

This article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility.

Leave a Reply

Your email address will not be published. Required fields are marked *