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A new GOP plan to reform the US’s commerce laws is coming out of the White House on Tuesday and will likely set a precedent for how Congress can pass any changes to the US trade policy.
The Trade Expansion Partnership Act (TEP), a new trade deal that the Trump administration announced last week, aims to “modernize the international trade system, advance economic growth and advance international cooperation through increased trade and investment.”
The bill’s aim is to help companies with the task of moving their products across borders and to create a new global infrastructure for international commerce.
The new bill has been hailed by the Trump Administration as a major step forward in promoting American business and job creation.
It would open up US trade and commerce policy to a wider range of countries, giving companies greater ability to trade with each other, expand their supply chains, and provide more flexibility in foreign policy and national security policies.
“We are moving forward with this trade expansion as quickly as we can,” White House press secretary Sean Spicer said at the start of a Tuesday press briefing on the bill.
“We’re moving forward on this as quickly and as vigorously as we possibly can, because if we don’t do that, we’re going to see more of the same trade wars and trade deals that have been so successful over the last few decades.”
The trade bill is expected to have a huge impact on the US economy, as it could boost the size of the US market, which is already the biggest in the world, and the value of its exports.
However, it is likely to be more of a boon for the Democratic Party and the Republican Party in the 2018 midterm elections, as many Republican voters who backed Trump in 2016 will be disappointed to see the trade bill pass.
Trump’s Trade Secretary Wilbur Ross and Vice President Mike Pence will testify before the House Finance Committee on Tuesday, and other senior administration officials are expected to testify as well.
The Trump administration has yet to announce what the bill will do for the US manufacturing sector.
President Donald Trump is set to sign the Trade Expansion Bill on Tuesday.
The bill has also drawn criticism from Democratic members of Congress.
Rep. Keith Ellison (D-MN), a progressive who chairs the Congressional Progressive Caucus, wrote in a Facebook post that “Trump’s TEP bill will devastate our nation’s manufacturing economy and put our middle class families and communities at risk.”
“This legislation is a blueprint for crony capitalism, cronyism and crony government.
It will allow companies to benefit from taxpayer bailouts and massive bailouts, giving special privileges to Wall Street while making it easier for corporations to pay lower wages and take advantage of workers,” Ellison wrote.
“The legislation is an example of the crony capitalist playbook of ‘free-market capitalism.'”
Ellison also pointed out that TEP “will allow for the theft of American workers’ labor rights and threaten to throw our democracy and economy out the window.
It’s a slap in the face to all working people.”
The bill would also open the door to increased tariffs on American products that move from one country to another.
While the bill includes a provision allowing for a “proportionate and expeditious return of goods” from foreign countries, it does not specifically include an explicit ban on importation of U.S. goods into countries that are part of the TPP.
As the bill moves through the House and Senate, there is also the issue of how much of a toll tariffs on foreign goods will take on the United States.
According to a report released by the US Chamber of Commerce on Tuesday morning, TEP would raise the price of goods from countries that do not sign the TPP by at least $60 billion a year.
The chamber estimates that tariffs on imports would cost the US $1.5 trillion a year by 2023.
Even with the tariff increases, Tep could cost the United Sates $2 trillion in additional annual economic losses by 2026.
There is a clear disconnect between the economic gains of the Republican party and the economic losses that would result from TEP.
Republican members of congress who supported the TPP are being held accountable for the economic harm that the trade deal would inflict.
Democrats and progressive lawmakers have criticized the TPP for the damage it has done to American workers, but the TPP’s critics are being called out for their hypocrisy.
The TEP, while a major win for the Trump-Ryan administration, will likely face significant opposition from Democrats in Congress.
The US House Democratic Caucus has criticized the bill as an economic disaster and called for the elimination of the bill’s “anti-worker provisions.”
The bill is unlikely to pass the Senate, but it could be voted on in the House on Wednesday, according to The Hill.