Former President Trump’s Controversial Tariff Proposal Sparks Debate

Former President Donald Trump's signature economic proposal involves implementing a 10% tariff on all imported goods in the United States, a move that has sparked significant controversy.

Debate Over Tariffs

The proposal has divided opinions, with Trump and supporters believing that broad tariffs would boost domestic industries. However, both Democrats and Republicans argue that it would result in higher prices as companies pass on the tariff costs to consumers. Vice President Kamala Harris has criticized the plan as the "Trump Sales Tax," and Senate Minority Leader Mitch McConnell has also expressed disapproval.

Introduction of the BUILT USA Act

Despite the opposition, a House Democrat, Rep. Jared Golden, recently introduced the Balance Unequal International Labor and Trade for the United States of America (BUILT USA) Act. Golden, a Democrat representing a Maine district won by Trump in both 2016 and 2020, aims to promote self-sufficiency, industrial strength, and homegrown innovation through these tariffs.

Provisions of the BUILT USA Act

Golden's bill proposes a 10% tariff on foreign goods and services, with an additional 5% increase for each year the US maintains a trade deficit, which stood at $773.4 billion in 2023.

Golden's Stance and Political Alignment

Known as a "progressive conservative," Golden often goes against his party's stance and has a history of supporting Republican-led initiatives in Congress. He has notably refrained from endorsing Vice President Kamala Harris and made headlines by predicting Trump's victory over Biden while expressing no concern about the outcome.

In the midst of a closely contested reelection campaign, a recent poll shows Golden's Republican opponent, Austin Theriault, holding a 3-point lead.

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By: bmetzger@insider.com (Bryan Metzger)
Title: Former President Trump’s Controversial Tariff Proposal Sparks Debate
Sourced From: www.businessinsider.com/jared-golden-10-percent-tariff-bill-trump-2024-9
Published Date: Fri, 27 Sep 2024 17:33:42 +0000