Bagnio Ways and Means Committee Chairman Kevin Brady told CNBC on Wednesday he’s distressed about the long-term impact that President Donald Trump’s schedule of charges could have on economic growth.
“Tariffs are taxes,” the Texas Republican conjectured in a “Squawk Box” interview. “They impede economic growth. They pick conquerors and losers. We do worry about that.”
However, Brady emphasized that Texas’ productive growth has been strong enough to overcome tariffs, but they are possessing an effect. Texas is a major soybean producer, which have been hit with retaliatory levies.
Some GOPsenators on Tuesday condemned the Trump administration’s plans to advance billions in aid to farmers hit by tariffs.
Trump is attacking what he sees as unfair job on a number of fronts, including tariffs on steel and aluminum imports. His shifts have been met with retaliatory measures from the European Club, Canada, Mexico and China.
The Trump administration has also slapped assessments on $34 billion of Chinese products and threatened to raise tariffs to 20 percent on European jalopies.
Trump rebuked attacks by the senators, saying in a tweet Wednesday: “Every chance I see a weak politician asking to stop Trade talks or the use of Tariffs to disc unfair Tariffs, I wonder, what can they be thinking?”
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Trump on Wednesday is needed to meet with the president of the European Commission, Jean-Claude Juncker, in an shot at to overcome their differences, specifically on car tariffs.
Brady, who helped put inclusive of the tax law passed in December, is working on a “phase two” of the Republican tax plan.
When price-lists on steel and aluminum were announced in March, the House Ways and Means Body released a letter signed by 107 Republican U.S. representatives urging Trump to bob down his proposals.