US: Trump Administration Considers Tax Breaks for Exporters Hit by Tariffs

Officials within the US government are examining the benefits of a new tax break aimed at exporters affected by tariffs imposed by other countries, such as China. According to Bloomberg, this move indirectly acknowledges the potential harm that President Trump’s tariff policies could cause to American businesses. The proposed tax relief, intended to boost American manufacturers, is expected to be introduced by the end of this year to counteract retaliatory tariffs faced by US companies selling their products in foreign markets. This credit, requiring Congressional approval, may also apply to companies exporting services abroad. Neither President Donald Trump nor Treasury Secretary Steven Mnuchin has been officially briefed on the plan, which has divided the administration’s economic team. A Treasury Department statement noted that while discussions about specific provisions are still early, all of Secretary Mnuchin’s thoughts on tax matters are supported by his full backing of President Trump’s ‘America First’ economic agenda, which will inform his final support—or lack thereof—for any proposed elements.