US Prepares for Tariff Revenue Challenge

The U.S. is gearing up for a potential loss of tariff revenue, currently around $200 billion, as the Supreme Court reviews a case that could invalidate the use of a 1977 law for imposing these tariffs. U.S. Trade Representative Jamieson Greer revealed that the government has alternative ways to compensate for the lost income. Greer, speaking at a recent event, hinted at the possibility of Congress creating new trade rules, without providing specifics. He also defended the use of tariffs to balance U.S. trade and highlighted the importance of manufacturing jobs. Regarding relations with the European Union, Greer expressed disappointment over Brussels lack of moderation in its stance on U.S. technology companies, despite a July agreement to ease tensions. He emphasized that the U.S. will not let the EU dictate regulations for American companies and looks forward to constructive discussions with European partners on digital tech regulations.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.