House Republicans push back against Trump’s tariff threats:
Over the weekend, Trump ratcheted up attacks against US companies that move production offshore. Tweeted that companies that moved jobs overseas would face “retribution or consequence.” Added “there will be a tax on our soon to be strong border of 35% for these companies wanting to sell their products, cars, A.C, unites, etc., back across the border.” However, House Republicans have pushed back against the tariff threat (see NY Times,Bloomberg). House Majority Leader McCarthy said does not want to get into some type of a trade war. Other Republicans expressed concern foreign governments would retaliate with their own tariffs. House Speaker Ryan said plans to overhaul the corporate tax code would more effectively keep companies in the US than the penalties proposed by Trump. The NY Times pointed out that Trump’s positions on trade, government spending, infrastructure and tax policies have set him “on a perilous course” with the lawmakers whose support he needs to push his agenda.