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Stock market crashes in response to tariff announcements
Peter Doucy, senior White House correspondent at Fox News, will provide details on President Donald Trump’s tariff announcement and the market response to the administration’s reassurance that the country is “stronger, bigger, better.”
First Fox: Republican lawmakers in major homes are moving to bring more manufacturing back to the US after President Donald Trump announced sweeping penalties for imports.
Rep. Chip Roy of R-Texas, policy chair for House Freedom Caucus, introduced a bill on Thursday aimed at providing tax incentives to businesses moving their supply chains to the US.
Roy told Fox News Digital that he had China in particular in mind when writing the law.
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Rep. Chip Roy on the left has a new bill supporting Trump’s tariffs. (Getty Images)
“China is fishing to outperform the United States, both politically and economically, as a world-leading superpower. If we want to maintain our strength and freedom as a nation, we cannot rely on enemies like the Communist Party of China (CCP) to keep our shelves stocked and make our economy flourish,” Roy said.
“There’s no time to waste. Congress must act quickly and work with the Trump administration to amend tax laws and encourage foreign manufacturing to the United States. The Beat China Act does just that.
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Solar panels in front of the factory at Jinzi Industrial Park in Shenm, China on November 20th, 2023 (Reuters/Coleen Hau/File Photo)
Trump’s plan includes a comprehensive 10% tariff on all imports into the United States, and inter-duty tariffs of 10% to nearly 50% for both enemies and allies, but in most cases the US rate is lower than foreign rates.
“April 2, 2025 will be remembered forever on the day that American industry was reborn. The day that America’s fate was reclaimed, and we began to make ourselves rich again,” Trump said in his remarks on Wednesday.
According to White House data, the plan will collect a 34% mutual tariff on China, particularly on 34%.
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Roy’s law affects the lease and purchase of commercial spaces, allowing businesses to qualify for bonus depreciation by making non-resident property purchases by qualified manufacturers taking into account 20 years of real estate rather than 39 years of real estate.
It also allows companies to exclude, among other provisions, profits from selling assets in the country of origin from their total taxable income.
Elizabeth Elkind is the main reporter of Fox News Digital’s reporting in the House of Representatives. Previous digital bylines seen on Daily Mail and CBS News.
Follow me on Twitter at @liz_elkind and send tips to Elizabeth.elkind@fox.com
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