Sen. Rick Scott (R-Fla.) on Aug. 6 introduced legislation that would create a congressional framework authorizing the use of tariffs to address trade imbalances with trading partners.
The legislation, dubbed the Trade Deficit Elimination Act, would require the U.S. Trade Representative (USTR) to identify each year countries with which the United States runs trade deficits and adjust tariffs on their imports to close the gap, in addition to any existing tariffs.
“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 said in a statement. “That means we can’t let other countries rip us off.”…
Sen. Rick Scott Introduces Bill Authorizing Use of Tariffs to Address Trade Deficits
