As a result, millions of U.S. manufacturing jobs have been lost to high-tariff countries.
World Trade Organization (WTO) data shows that every major country in the world charges higher tariffs on American-made goods than we do in return. China imposes tariffs three times higher than average U.S. tariffs. India’s tariffs are four times higher than ours.
Members of Congress are starting to grasp this.
A group led by Rep. Sean Duffy (R-Wis.) introduced legislation that would allow the president to increase tariffs on items from countries that persist in maintaining a tariff imbalance. The goal of their “U.S. Reciprocal Trade Act” would be to “pressure other nations to lower their tariffs and stop taking advantage of America.”
Essentially, the bill could provide the leverage needed to coerce other countries to finally lower their tariff barriers — and actually achieve the open trade that previous presidents have championed.