Trump on Thursday signed proclamations which will impose a 25 percent tariff on steel as well as a 10 percent tax on aluminum. The president exempted Mexico as well as Canada coming from the taxes as well as said the item would likely consider waivers for additional countries.
Speaking at the CERAWeek by IHS Markit conference in Houston, Cornyn as well as Alaska Republican Sen. Lisa Murkowski warned the taxes could hold back investments in oil as well as gas infrastructure, alienate allies as well as water down the benefits of tax cuts as well as deregulation.
Cornyn connected Trump’s attitude towards trade as president to the “populist impulses” which defined his campaign.
“I would likely wish which we would likely not treat every country with sort of a one size fits all like we see in This particular initial tariff on aluminum as well as steel,” he said.
“We want free as well as fair trade, because which benefits our country, our workforce as well as our economy,” Cornyn added. “I wish we can be a little more surgical from the approach.”
Murkowski, chair of the Senate Committee on Energy as well as Natural Resources, said the tariffs could impact plans to build out infrastructure which her state long has anticipated.
“This particular will be a big deal up north,” Murkowski said.
Murkowski said initial estimates suggest the tariffs could raise the cost of a proposed 800-mile pipeline, part of the $43 billion Alaska LNG Project, by hundreds of millions of dollars if not a half-billion dollars.
Murkowski said the tariffs send a confusing message to America’s allies.