Lawmakers demand answers from Mnuchin on Trump tariffs

Lawmakers demand answers from Mnuchin on Trump tariffs
© Greg Nash

Treasury Secretary Steven MnuchinSteven Terner MnuchinOn The Money: Trump issues first veto, warning of 'reckless' resolution | US hits Russia with new sanctions | Dems renew push for contractor back pay | Lawmakers seek probe into undocumented workers at Trump businesses Deripaska sues Trump admin over Russia sanctions US announces new Russia sanctions with Canada, EU MORE on Thursday drew fire from a bipartisan group of House lawmakers concerned with severe economic damage caused by trade battles with China and key U.S. allies.

Lawmakers warned Mnuchin that President TrumpDonald John TrumpWarren: 'White supremacists pose a threat to the United States like any other terrorist group' National Enquirer paid 0,000 for Bezos texts: report Santorum: Trump should 'send emails to a therapist' instead of tweeting MORE’s tariffs on steel, aluminum and Chinese goods — coupled with the retaliations they spurred — could cost businesses in their districts hundreds of jobs and millions of dollars in revenue.

Republicans and Democrats were largely united in voicing concern over the Trump administration’s trade policy days after the president unveiled planned tariffs on an additional $200 billion worth of Chinese goods.

Mnuchin told the House Financial Services Committee that Trump was taking essential steps to curb Chinese trade violations and that the administration was paying close attention to the tariffs’ impact on U.S. businesses.

But that did little to assuage the fears of lawmakers who pleaded with Mnuchin for clarity on the administration’s goals and timeline for action.

“Not only do tariffs harm American consumers, they harm many American employers and American workers,” said Rep. Jeb HensarlingThomas (Jeb) Jeb HensarlingThe next two years of federal housing policy could be positive under Mark Calabria Why Ocasio-Cortez should make flood insurance reform a priority Exiting lawmakers jockey for K Street perch MORE (R-Texas), the panel’s chairman. “I appreciate the words but I am concerned about the deeds.”

Hensarling said Trump and his economic team were responsible for “an economic miracle” of low unemployment and strong growth, but warned that such advances could be wiped out if tensions with China escalate to an ongoing trade war.

“If we find ourselves mired in a full-fledged global trade war with no end in sight, all of the economic gains that he has helped bring us may well be lost,” Hensarling said.

Lawmakers have grown increasingly worried about Trump’s protectionist trade policy amid rising tensions between the U.S. and key economic partners.

Trump has imposed tariffs on $34 billion in Chinese imports, along with 25 percent and 10 percent levies on imported steel and aluminum, respectively. The president is set to impose tariffs on another $16 billion worth of Chinese goods within weeks, and another $200 billion of imports within the next few months.

China has fought back with reciprocal tariffs on U.S. exports, targeting agricultural and manufactured goods critical to the American economy. The European Union (EU), Canada, Mexico and several other nations have also imposed retaliatory measures in response to the steel and aluminum tariffs, further squeezing U.S. goods with their own levies.

Republicans have denounced the tariffs and Trump’s refusal to grant U.S. allies waivers from the levies on steel and aluminum. Lawmakers have charged his policies with being unhelpful and harmful in their attempt to address legitimate concerns with China, though they have not acted on legislation to restrain Trump’s tariffs.

Lawmakers across party lines pressed Mnuchin on what tangible changes the administration needs to see before lifting tariffs, and how it plans to address the economic harm they would do U.S. businesses.

“It seems like things are only going to get worse,” said Rep. Maxine WatersMaxine Moore WatersDems concerned impeachment will make Trump 'appear like a victim,' says pollster Trump calls Biden 'low I.Q. individual' after verbal slip On The Money: Senate rejects border declaration in rebuke to Trump | Dems press Mnuchin on Trump tax returns | Waters says Wells Fargo should fire its CEO MORE (D-Calif.), the panel’s top Democrat. “The Trump administration appears to be flying by the seat of its pants with no plan to address the possibility of a recession, the high prices consumers will pay and the resulting losses of millions of American jobs.”

Several lawmakers cited businesses in their district and state would suffer because of Trump’s trade policy or the retaliation to it.

Reps. Ann WagnerAnn Louise WagnerBottom Line On The Money: Wells Fargo chief gets grilling | GOP, Pence discuss plan to defeat Dem emergency resolution | House chair sees '50-50' chance of passing Dem budget | Trump faces pressure over Boeing Lawmakers blast Wells Fargo chief over response to scandals MORE (R-Mo.) and French HillJames (French) French HillHere are the lawmakers who will forfeit their salaries during the shutdown Rep. French Hill wins after unexpected challenge Election Day: An hour-by-hour viewer’s guide MORE (Ark.) said soybean growers back home would lose millions of dollars in lost sales to China.

Rep. Bill Huizenga (R-Mich.) said tariffs on aluminum and steel parts would drastically raise costs for manufacturers in his state and harm Michigan’s close trade ties with Canada.

Kentucky Rep. Andy BarrGarland (Andy) Hale BarrKentucky radio host: Schumer recruit can't beat McConnell On The Money: Wells Fargo chief gets grilling | GOP, Pence discuss plan to defeat Dem emergency resolution | House chair sees '50-50' chance of passing Dem budget | Trump faces pressure over Boeing Campaign to draft Democratic challenger to McConnell starts raising funds MORE (R) said the tariffs would harm his state’s bourbon industry, which has been targeted in part to put pressure on another state lawmaker: Senate Majority Leader Mitch McConnellAddison (Mitch) Mitchell McConnellGOP moves to rein in president's emergency powers Republicans up for reelection fear daylight with Trump Overnight Energy: Students around globe demand climate action | EPA bans consumer sales of deadly chemical in paint strippers | Green New Deal set for Senate vote MORE.

And Rep. Roger WilliamsJohn (Roger) Roger WilliamsThe Hill's 12:30 Report: Dems aim to end anti-Semitism controversy with vote today CPAC attendees say Biden poses greatest threat to Trump Don’t look for House GOP to defy Trump on border wall MORE (R-Texas), who owns a car dealership, expressed concerns about the rising costs of critical auto parts.

Mnuchin said Trump was “very focused” on securing “free and fair trade,” but did not specify what China and other nations could do to accomplish that goal. He insisted that he’d pay close attention how the administration’s trade policy impacted U.S. industries, but played down the potential harm the tariffs would cause.

“We should be doing things that make sure our companies can compete fairly in the export market,” Mnuchin said. “They’ve unfairly targeted specific markets and that’s not coincidental.”