TRUMP, SENATE GOP BUDGET LEADERS HUDDLE AT WHITE HOUSE ON RECONCILIATION BILL
Solar panels in front of factories at Jinjie Industrial Park in Shenmu, China, on Nov. 20, 2023. (Reuters/Colleen Howe/File Photo)
Trump's plan involves a 10% blanket tariff on all imports into the U.S., as well as reciprocal tariffs ranging between 10% and nearly 50% on both adversaries and allies – though in most cases, the U.S. rate is lower than the foreign country's.
"April 2, 2025, will forever be remembered as the day American industry was reborn. The day America's destiny was reclaimed. And the day that we began to make America wealthy again," Trump said in remarks announcing his plan Wednesday.
The plan levies a 34% reciprocal tariff against China specifically, compared to the 67% in tariffs that Beijing has slapped on Washington, according to White House data.
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Roy's legislation would affect leases and purchases of commercial space, making companies eligible for bonus depreciation by making non-residential real property purchases by qualifying manufacturers considered 20-year property instead of 39-year property.
It would also allow companies to exclude gains earned from selling off assets in their country of origin from gross taxable income, among other provisions.
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