FIRST ON FOX: Just as the Trump administration has refunded billions in tariffs to companies in the U.S., a push is growing in the Senate to give the president sharper, more focused tariff powers across the globe.
\nSen. Rick Scott, R-Fla., is leading the charge to give President Donald Trump congressional approval for his tariffs, specifically against countries that have longstanding trade deficits with the U.S. after his universal duties were nixed by the Supreme Court.
\n\u201cPrevious generations of Americans gave us an economic superpower; it\u2019s our job to preserve what they built and to leave America better than we found it for our children and grandchildren,\u201d Scott told Fox News Digital in a statement.\u00a0
\n\u201cThat means we can\u2019t let other countries rip us off.\u201d
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Scott\u2019s bill, the Trade Deficit Elimination Act, would effectively create a congressional framework that allows Trump to authorize tariffs where there are trade deficits with the nation\u2019s trade partners that are a detriment to America\u2019s national security, foreign policy interests and economic interests.
\nIt would require the creation of an annual watch list for countries with trade deficits that are identified and compiled by U.S. Trade Representative Jamieson Greer. That list would deem each country identified as having \u201ctrade deficit economies.\u201d
\nFrom there, Scott\u2019s bill would allow Trump to impose, increase, decrease, suspend or modify tariffs on imports from the listed countries in a bid to eliminate bilateral goods trade deficits.
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Trump and Greer would still need to seek consultation from Congress, specifically from the House Ways and Means and Senate Finance committees, but aren\u2019t required to get congressional approval for applying duties to listed countries.
\nIt also exempts certain products considered critical to U.S. supply chains, U.S. supply chains, national security or where alternative sources are unavailable.
\n\u201cIn recent years, our trading partners have taken advantage of access to American markets while unfairly crowding American products out of their own countries,\u201d Scott said. \u201cDecline is a choice, and President Trump is taking action to restore American prosperity.\u201d
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Scott\u2019s announcement of the bill comes just a day after the Trump administration refunded $100 billion in tariff revenue collected during the president\u2019s \u201cliberation day\u201d explosion of duties across the globe.
\nTrump issued those tariffs under the International Emergency Economic Powers Act (IEEPA). But the Supreme Court ruled earlier this year that he didn\u2019t have the authority to do so.
\nScott\u2019s bill has so far picked up senators Kevin Cramer, R-N.D., and Tim Sheehy, R-Mont., as co-sponsors, and is a separate authority entirely from the IEEPA. It creates a new power, with congressional teeth, under Article 1, Section 8 directly targeting foreign commerce.
\n\u201cTrade should be fair, not one-sided, and it\u2019s refreshing to have a president who isn\u2019t afraid to hold our trading partners accountable,\u201d Cramer said in a statement to Fox News Digital. \u201cThis bill gives President Trump and Ambassador Greer tools to address trade deficits, keep critical supply chains intact, and achieve better trade agreements for American farmers, ranchers, manufacturers and workers.\u201d<\/p>\n
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