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Tariffs, China and "pillar 2" taxes: senators press nominee on trade strategy and global tax rules
Summary
Senators probed Scott Bessent on the administration's threat of broad tariffs, use of tariffs as negotiation tools, and international tax rules known as Pillar 2; senators also asked about carbon tariffs and R&D/production tax incentives.
Trade and tariffs consumed broad discussion during Scott Bessent’s hearing. Democrats and Republicans both asked whether tariffs would land on American consumers and how Treasury would coordinate with trade and national security objectives.
Ranking Member Ron Wyden warned that across‑the‑board tariffs would be passed through to U.S. workers and small businesses; Bessent responded with an economic description arguing pass‑through is not complete and noted exchange‑rate effects and foreign price responses. Senators such as Lindsey Graham, Bill Cassidy…
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