GOP senator: Reduce taxes to offset tariffs on Chinese goods

Sen. Rick Scott (R-Fla.) on Monday called for tax cuts to offset the costs to American consumers of tariffs on Chinese goods during a CNBC appearance.

“Anything we raise in tariffs, we should give back to the rank and public in tax reductions,” Scott said Monday on CNBC’s “Squawk Box,” acknowledging the “short-term pain” from the ongoing trade war between the U.S. and China.

{mosads}“We have to help American farmers open up more markets around the world,” he added. “We have to help American companies … and get more American jobs and stop helping China.”

Scott added that the U.S. should “stop acting like [the Chinese] are a partner.”

“I’m not sure what else we can do, other than stand up for American interests and American values,” the Florida senator said.

President Trump and his economic advisers have frequently downplayed the impact on U.S. consumers from tariffs imposed on Chinese goods. Trump has characterized them as a “tax on China,” which some economists have called misleading.

Last Sunday, White House trade adviser Peter Navarro echoed Trump’s defense, saying the tariffs have yet to trickle down to Americans because China has “gamed” them.

Total tariff revenue grew 73 percent in the first half of 2019 compared with the same period in 2018. U.S. Customs and Border Protection data indicates the U.S. levied $23.7 billion in tariffs between early 2018 and May 1, according to CNBC.