Latest news with #TariffTransparencyAct
Yahoo
03-04-2025
- Business
- Yahoo
Owners of DC wine bar express concerns over new tariff policy
WASHINGTON ()— Many small business owners are filled with anxiety as President Donald Trump announced a slew of new tariffs on foreign imports. 'Terror is what was really going through our head for the past few weeks and trying to get a grasp on it, what does it mean? Is there any way to stock up or pre-buy or reserve,' said Diane Gross, owner of Cork Wine Bar and Market, who was waiting on the policy announcement Wednesday afternoon. Later that day—on what the president deemed 'Liberation Day'—Trump announced sweeping reciprocal tariffs on foreign products. The plan includes a baseline 10% tariff on all foreign goods, with higher rates set for certain countries, including a 20% tariff on goods imported from the European Union. 'Reciprocal, they do it to us, we do it to them,' said Trump. He also announced a 25% tariff on all foreign automobiles and auto parts. DC Council advances changes to Emergency Rental Assistance Program Though lower than the threatened 200% tariff on European wine and spirits, Gross said it'll still have an impact. 'It's really this up and down of uncertainty which really puts small businesses in jeopardy,' she said. Gross and her husband, Khalid Pitts, have been operating their wine bar for nearly 18 years and specialize in selling European wine. 'One of the things we built a reputation on is having high-quality wine at value prices,' said Pitts, who explained any tariff, regardless of the amount, will drive up prices. 'A tariff is a tax. It's an increased cost for that good.' Democratic lawmakers have criticized the tariffs, claiming they will lead to a trade war and increased costs for middle-class America. 'The term 'Liberation Day' really does strike me as so hypocritical. I don't know who is being liberated,' said Sen. Angela Alsobrooks (D-Md.). 'I haven't seen how middle-class families will benefit from any of the policies of this administration.' In response, Alsobrooks introduced the Tariff Transparency Act, which aims to get more information on the impact of the president's trade policies. 'What we're asking is the International Trade Administration to give us the facts. To tell us the impact of these tariffs on every part of our society,' she said. 'We want businesses to know what the impact will be to them and to consumers. We know many of the taxes will be passed off to the consumers.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
12-03-2025
- Business
- Yahoo
Trump's tariffs the focus of MD Senator Angela Alsobrooks first bill
The Brief Senator Angela Alsobrooks takes aim at President Donald Trump's recent tariffs in her first bill. The legislation aims to gain transparency on the impact of Trump's tariffs. MARYLAND - Maryland Senator Angela Alsobrooks is calling for transparency with her first bill, the Tariff Transparency Act. This legislation calls for the United States International Trade Commission to conduct an investigation into the impact of President Donald Trump's tariffs, and the threat of these tariffs, on imports from Mexico and Canada. Trump officially increased tariffs on all steel and aluminum imports to 25%. The decision that came on Tuesday, March 11, will eliminate all exemptions from his 2018 tariffs on the metals, in addition to increasing the tariffs on aluminum from 10%. "Marylanders are struggling to put food on the table and afford the basic necessities as it is. The last thing we need are tariffs that will raise prices,"said Alsobrooks. "The truth is this: the Trump Administration knows that the tariffs on allies like Canada and Mexico will raise prices for consumers, spike inflation, and harm American small businesses. If they disagree, now is their time to prove it. My bill will force a nonpartisan study on this Administration's tariffs and how they will impact everyday Americans." What's next Trump has separate tariffs on Canada, Mexico and China, with plans to also tax imports from the European Union, Brazil and South Korea by charging "reciprocal" rates starting on April 2. The EU announced its own countermeasures on Wednesday. European Commission President Ursula von der Leyen said that as the United States was "applying tariffs worth 28 billion dollars, we are responding with countermeasures worth 26 billion euros," or about $28 billion. Those measures, which cover not just steel and aluminum products, but also textiles, home appliances and agricultural goods, are due to take effect on April 1. Separately, Trump on Tuesday threatened to put tariffs of 50% on steel and aluminum from Canada, but he chose to stay with the 25% rate after the province of Ontario suspended plans to put a surcharge on electricity sold to Michigan, Minnesota and New York. The Source Information for this story was provided by the Associated Press and FOX 5 reporting.
Washington Post
12-03-2025
- Business
- Washington Post
Sen. Angela Alsobrooks takes aim at Trump tariffs with her first bill
Sen. Angela Alsobrooks (D-Maryland) on Tuesday night introduced her first piece of federal legislation since joining Congress this year, the Tariff Transparency Act, a jab at President Donald Trump's tariffs on goods from Canada and Mexico.
