Historic Breakthrough in Trade and Taxes

The US-UK deal, slashing Trump’s tariffs on cars, aluminum, and steel, will save thousands of British jobs. It also helps level the playing field for American workers, farmers, and manufacturers. This deal will fuel American exports, boost real household income, expand GDP, increase domestic manufacturing output, and generate hundreds of billions in new government revenue. Learn more

By contrast, Joe Biden’s globalist policies will sell out American citizens with draconian tax hikes on household energy, 401ks, and pensions while giving foreign countries a windfall. It’s time to rebalance our global trading system and bring back millions of American jobs and trillions of dollars in wealth for the benefit of working Americans.

At higher rates, corporations have more incentive to avoid the taxes by hiring expensive tax lawyers and figuring out ways to shift production or investment abroad. This changes what they make, where they make it, how they finance it, and who pays the taxes.

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In his report on “The Progress of Manufactures”, Alexander Hamilton wrote that when used in moderation tariffs could protect infant industries for a limited period until they can compete; raise needed funds to pay for the government; and, by applying the proceeds from taxes on imported goods directly as subsidies or bounties to domestic manufacturing, promote growth and prosperity. But today’s tariff rate of almost 50% is much too high and is driving a dangerous trade deficit, destroying millions of American jobs, and hurting the economy.