Top Republican says he won't back Trump's plan for huge tariffs
Mark Wilson/Getty Images
The California Republican was responding to a series of tweets from Trump over the weekend outlining his plan to impose a large tariff against companies that ship jobs overseas. The tariff would be imposed on the goods shipped back into the US.
Speaking to reporters, McCarthy warned that it would lead to a trade war.
"I don't want to get into some type of trade war," McCarthy said.
McCarthy, the No. 2 Republican in House leadership following House Speaker Paul Ryan, said he would not commit to bringing that tariff proposal to the House floor for a vote, adding the Republican Party's efforts at tax reform would create an improved business environment and would render such a tariff unnecessary.
"I think there are other ways to achieve what the president-elect is talking about," McCarthy said, "but the only way you can do any of this is you've got to do tax reform. And that's why I think that will be a cornerstone of what we do."
"Tax cuts and deregulation will make the American economy great again, but tariffs and trade wars will make it tank again," he continued.
McCarthy was also pressed about the deal to provide $7 million in incentives to Carrier over 10 years in order to keep roughly 1,000 jobs in Indiana, a deal that has been criticized by many free-marker conservatives such as former Alaska Gov. Sarah Palin.
"Do you want to know my philosophical belief?" McCarthy said. "I believe in the free market. I don't think government should be picking winners and losers."
He cautioned reporters against judging what Trump will do ahead of taking office.
"Take a deep breath," he said. "He's not sworn in yet. I know you gotta write news, but let's not predetermine what the outcome is yet. ... Is he president of the United States right now? So what did he give them? He has no authority yet to give them anything."
- US buys 81 Soviet-era combat aircraft from Russia's ally costing on average less than $20,000 each, report says
- 2 states where home prices are falling because there are too many houses and not enough buyers
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- Why did a NASA spacecraft suddenly start talking gibberish after more than 45 years of operation? What fixed it?
- ICICI Bank shares climb nearly 5% after Q4 earnings; mcap soars by ₹36,555.4 crore
- Markets rebound sharply on buying in bank stocks firm global trends
- Bengaluru's rental income highest in Q1-2024, Mumbai next: Anarock report
- Rupee falls 10 paise to settle at 83.48 against US dollar
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market