Trump Today: President unveils infrastructure plan and backs ‘reciprocal’ import tax
Trump Today: President unveils infrastructure plan and backs ‘reciprocal’ import tax
Published: Feb 12, 2018 4:04 p.m. ET
By
Robert
Schroeder
Fiscal policy reporter
This column provides a daily update on key presidential actions as well as comments, whether spoken aloud or on Twitter, by President Trump. Like the stock market, the deadline for Trump Today action is 4 p.m. Eastern time, even as we acknowledge that substantive news can and does occur after hours.
President Donald Trump on Monday unveiled both his long-awaited proposal to rebuild U.S. infrastructure and his budget plan for the next fiscal year, as he also backed what he called a reciprocal tax on imports.
ROADS SEEN IN ‘GREAT SHAPE’
Trump is aiming to spend $200 billion in federal funds to spur at least $1.5 trillion in infrastructure investments with state, local and private partners. “We’re going to get the roads in great shape,” Trump told officials from around the country at the White House. “Washington no longer will be a roadblock to progress.”
Half of the proposed money would go to direct grants, and the other half would go to things including rural infrastructure projects. But analysts say they’re skeptical Congress will pass infrastructure legislation this year since it will require 60 votes in the Senate, and Republicans hold 51 seats.
IMPORT TAX
Trump also threw his support behind what he called a reciprocal tax on imports, though he didn’t go into details.
“We are going to charge countries outside of our country — countries that take advantage of the United States,” Trump said. “Some of them are so-called allies but they are not allies on trade.” He told the state and local officials that they’ll hear more during this week “and the coming months.”
Read: China and these 10 countries account for most of the trade deficit, now at a 9-year high.
BUDGET PROPOSAL WOULD REMAKE FOOD-STAMPS PROGRAM
The administration’s $4.4 trillion fiscal 2019 budget would spend more on the military and border security, as well as slash funds for the Corporation for Public Broadcasting and other programs the White House says are failing.
It would also radically remake the current food stamps program by replacing it with a new plan that directly provides U.S.-grown food to households.
https://www.marketwatch.com/story/tr...tax-2018-02-12
