How Democrats will try to end Trump's tariffs
Rep. Hakeem Jeffries, D-N.Y., who is likely the next House speaker, has made clear that ending President Trump's tariffs is one of Democrats' top priorities.
Democrats' plans to end Trump's tariffs signal a significant shift in trade policy if they succeed in taking control of the House. The tariffs, imposed on countries such as China, Canada, and Mexico, have been a cornerstone of President Trump's "America First" trade agenda. By targeting the tariffs, Democrats aim to address concerns from businesses and consumers about the impact on the economy, including higher prices and retaliatory measures from other countries.
The move is also driven by a desire to restore a more traditional, rules-based approach to international trade. Trump's tariffs have been criticized for being unilateral and unpredictable, creating uncertainty for companies and undermining the World Trade Organization's dispute settlement system. If Democrats can muster enough support to pass legislation repealing or modifying the tariffs, it could mark a return to a more collaborative and multilateral approach to trade policy.
What's next to watch is how the Trump administration responds to these efforts. The White House has already indicated that it will not back down on its tariffs, citing concerns about unfair trade practices and national security. The coming weeks and months will likely see intense negotiations between Democrats and the administration, as well as with other stakeholders, including business groups and trade associations. The outcome will have significant implications for the US economy, global trade relationships, and the future of US trade policy.
Originally reported by cnbc.com. Trade-News adds analysis for finance & markets readers.