Trump tariffs get House backup in key bill on foreign manufacturing
The recent announcement of sweeping tax penalties on imports by President Donald Trump has sent shockwaves through the stock markets, causing a significant crash in response. Fox News senior White House correspondent Peter Doocy provided details on the market response and the administration’s reassurance that the country will emerge “stronger, bigger, better” as a result.
In a bold move to bring more manufacturing back to the U.S., Rep. Chip Roy, R-Texas, policy chair of the House Freedom Caucus, introduced a bill aimed at providing tax incentives to companies that relocate their supply chains to the U.S. The bill would require companies to maintain consistent output levels in the move. Roy specifically targeted China in his legislation, citing the country’s ambitions to surpass the U.S. as the world’s leading superpower.
“China is angling to surpass the United States both politically and economically. If we want to preserve our strength and freedom as a nation, we cannot rely on adversaries like the Chinese Communist Party to keep our shelves stocked and our economy prosperous,” Roy stated. He emphasized the urgency for Congress to act swiftly and collaborate with the Trump administration to revise the tax code and incentivize the reshoring of foreign manufacturing to the U.S.
President Trump’s plan includes a 10% blanket tariff on all imports into the U.S., along with reciprocal tariffs ranging from 10% to nearly 50% on both adversaries and allies. The plan aims to boost American industry and reclaim the country’s destiny. Specific measures include a 34% reciprocal tariff against China, lower than the 67% tariffs imposed by Beijing on Washington.
Roy’s legislation would impact leases and purchases of commercial space, allowing companies to qualify for bonus depreciation on non-residential real property purchases. It would also enable companies to exclude gains from selling off assets in their country of origin from gross taxable income, among other provisions.
The move to bring manufacturing back to the U.S. aligns with President Trump’s vision of revitalizing American industry and securing the country’s economic future. The bill introduced by Rep. Chip Roy underscores the importance of reshoring manufacturing to protect national interests and strengthen the U.S. economy.
Elizabeth Elkind is a politics reporter for Fox News Digital, leading coverage of the House of Representatives. Connect with her on Twitter at @liz_elkind and send tips to elizabeth.elkind@fox.com.
