Washington – Business Roundtable today issued the following statement regarding the introduction of the Bicameral Congressional Trade Authority Act:
“Business Roundtable supports the Bicameral Congressional Trade Authority Act, and commends Senators Pat Toomey, Mark Warner, Ben Sasse and Maggie Hassan, as well as Representatives Ron Kind, Mike Gallagher, Jimmy Panetta and Darin LaHood for their leadership introducing this legislation. Raising tariffs through misuse of Section 232 of the Trade Expansion Act of 1962 – and the accompanying retaliatory tariffs on American exports – impose significant costs on U.S. consumers and businesses. While global steel and aluminum overcapacity issues should be addressed, tariffs on these metal imports do more harm than good to the U.S. economy and should be removed swiftly. This bill appropriately reasserts Congress’ constitutional authority to decide when to raise tariffs to protect national security and prevents unilateral tariff increases that put America’s competitiveness at risk.”