Sen. Rick Scott Leads Fight to Codify President Trump’s America First Trade Agenda

WASHINGTON, D.C. - Today, U.S. Senator Rick Scott introduced the Trade Deficit Elimination Act to codify President Trump's efforts to address decades-long trade deficits that have allowed foreign countries to take advantage of working American families while protecting their own domestic markets through unfair trade practices.

U.S. Senators Kevin Cramer and Tim Sheehy cosponsored this legislation.

Senator Rick Scott said, "Previous generations of Americans gave us an economic superpower; it's our job to preserve what they built and to leave America better than we found it for our children and grandchildren. That means we can't let other countries rip us off. In recent years, our trading partners have taken advantage of access to American markets while unfairly crowding American products out of their own countries. Decline is a choice, and President Trump is taking action to restore American prosperity. I'm proud to introduce this legislation to give President Trump the tools he needs to level the playing field, protect American workers, and put America First."

Senator Kevin Cramer said, "Trade should be fair, not one-sided, and it's refreshing to have a president who isn't afraid to hold our trading partners accountable. This bill gives President Trump and Ambassador Greer tools to address trade deficits, keep critical supply chains intact, and achieve better trade agreements for American farmers, ranchers, manufacturers, and workers."

BACKGROUND:

The Trade Deficit Elimination Act creates a congressional framework authorizing tariffs to address bilateral trade imbalances in goods. Each year, the U.S. Trade Representative (USTR) must identify which trading partners run a trade deficit with the U.S. and publish this list of "trade deficit economies."

Within 15 days, the USTR may adjust tariffs on these countries' imports as needed to close the gap,in addition to any tariffs already in place.

The legislation allows exemptions for products critical to national security, essential supply chains, and goods that cannot reasonably be produced in the United States.

The bill also authorizes the USTR to negotiate trade agreements with these countries to shrink the imbalance through commitments to reform trade practices, buy more American goods, or limit exports.

Full text of the bill can be found HERE.

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