WORLD NEWS FOR MONTENEGRO DIASPORA
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AUTHOR:M.J. GDNUS
Four Republican representatives in the US Senate yesterday, on the second day of the stock market decline, expressed their support for a bill according to which the introduction of new tariffs would have to be approved by Congress.
The Senate currently has 53 Republicans, 45 Democrats and two independent senators.
Republican Senators Lisa Murkowski of Alaska, Mitch McConnell of Kentucky, Jerry Moran of Kansas and Tom Tillis of North Carolina supported the proposal introduced on Thursday by Republican Chuck Grassley of Iowa and Democrat Maria Cantwell of Washington.
According to their legislative proposal, the tariffs would be abolished within 60 days, unless both houses of the US Parliament expressly approve them.
Economists warn that US President Donald Trump risks a recession, but the White House responds that tariffs on imported goods will stimulate investment in domestic production.
“States differ in the industries that dominate them, some in agriculture, some in automobiles or aircraft manufacturing.
Each of these industries is affected differently by changes in trade policies and the global market,” said Senator Moran.
“The Constitution gives Congress the authority to make decisions regarding foreign trade, including tariffs,” he added. So far, there is no indication that the above proposal will be supported by the House of Representatives, the lower house of Congress.
Republican Tom Tillis, who is defending his senatorial mandate in the congressional elections next year, expressed concern about the consequences that tariffs could have on agricultural production in his home state of North Carolina.
He noted that North Carolina’s representatives in the House of Representatives are also concerned.
He wants to see a detailed strategy from President Trump in the coming weeks on what all the tariffs should achieve.
On the other hand, Trump has said on social media that he will not change his policies.
Democrats propose budget amendment
Senate Democratic leader Chuck Schumer announced that his party will propose a budget amendment, currently under discussion, that would roll back all tariffs imposed by Trump since the beginning of his term if they are found to have raised the prices of groceries, medicines or other consumer products.
The Democratic amendment would maintain tariffs on China, Russia, Iran and North Korea, but it is unlikely that Republican lawmakers will vote for it.
