Press Releases

Ways and Means Committee Ranking Member Richard E. Neal (D-MA) released the following statement after the Congressional Budget Office (CBO) analyzed the economic effects of tariffs discussed by the President-elect:

“Today’s CBO report shows that Trump’s economic plan would lower economic growth and raise prices as our output declines, exports shrink, and other countries stick us with devastating, retaliatory tariffs.  It’s the exact opposite of what the American people need right now. We need policies that lower prices at the supermarket and help rebalance a growing disparity between the ultra-wealthy and the workers that power our economy. 

"Protecting our workers and businesses is paramount for Ways and Means Democrats, and well-targeted tariffs can be an effective tool in delivering relief. But rather than responsible economic policy that protects our workers and our economy, the President-elect and his billionaire buddies seem to delight in igniting international trade wars. In the meantime, the once-promised 60% tariffs on China seem to magically have come down to a mere 10%—just as the Trump cabinet is filling up with folks that have major business interests before China.

“Our revenue and tariff system should be predicated on what’s best for the American people, their wallets, and our economy - not the personal finances of the richest man in the world and his merry band of international business barons.”

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