RESOLVING THE LEDGER
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FIRST ON FOX: Just as the Trump administration has refunded billions in tariffs to companies in the U.S., a push is growing in the Senate to give the president sharper, more focused tariff powers across the globe.
Sen. Rick Scott, R-Fla., is leading the charge to give President Donald Trump congressional approval for his tariffs, specifically against countries that have longstanding trade deficits with the U.S. after his universal duties were nixed by the Supreme Court.
"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," Scott told Fox News Digital in a statement.
"That means we can’t let other countries rip us off."
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Scott’s bill, the Trade Deficit Elimination Act, would effectively create a congressional framework that allows Trump to authorize tariffs where there are trade deficits with the nation’s trade partners that are a detriment to America’s national security, foreign policy interests and economic interests.
It would require the creation of an annual watch list for countries with trade deficits that are identified and compiled by U.S. Trade Representative Jamieson Greer. That list would deem each country identified as having "trade deficit economies."
From there, Scott’s bill would allow Trump to impose, increase, decrease, suspend or modify tariffs on imports from the listed countries in a bid to eliminate bilateral goods trade deficits .
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Trump and Greer would still need to seek consultation from Congress, specifically from the House Ways and Means and Senate Finance committees, but aren’t required to get congressional approval for applying duties to listed countries.
It also exempts certain products considered critical to U.S. supply chains, U.S. supply chains, national security or where alternative sources are unavailable.
"In recent years, our trading partners have taken advantage of access to American markets while unfairly crowding American products out of their own countries," Scott said. "Decline is a choice, and President Trump is taking action to restore American prosperity."
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Scott’s announcement of the bill comes just a day after the Trump administration refunded $100 billion in tariff revenue collected during the president’s "liberation day" explosion of duties across the globe.
Trump issued those tariffs under the International Emergency Economic Powers Act (IEEPA). But the Supreme Court ruled earlier this year that he didn’t have the authority to do so.
Scott’s bill has so far picked up senators Kevin Cramer, R-N.D., and Tim Sheehy, R-Mont., as co-sponsors, and is a separate authority entirely from the IEEPA. It creates a new power, with congressional teeth, under Article 1, Section 8 directly targeting foreign commerce.
"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," Cramer said in a statement to Fox News Digital. "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."
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