Stock market plummets following tariff announcements
Peter Doucy, senior White House correspondent at Fox News, will explain President Donald Trump’s tariff announcement and the subsequent market reaction to the administration’s assertion that the nation is “stronger, bigger, better.”
First on FOX: Republican representatives in prominent districts are taking steps to bring more manufacturing back to the United States after President Donald Trump unveiled tax penalties on imports.
Rep. Chip Roy of R-Texas, policy chair for House Freedom Caucus, proposed legislation on Thursday intended to offer tax incentives for businesses relocating their supply chains back to the U.S.
Roy informed Fox News Digital that he had China specifically in mind when drafting the legislation.
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Rep. Chip Roy on the left has proposed a new bill endorsing Trump’s tariffs. (Getty Images)
“China aims to surpass the U.S. both politically and economically as a predominant superpower. To uphold our strength and freedom as a nation, we cannot depend on adversaries like the Communist Party of China (CCP) to stock our shelves and ensure our economic prosperity,” Roy stated.
“Time is of the essence. Congress must act promptly and collaborate with the Trump administration to modify tax laws and promote foreign manufacturing in the United States. The Beat China Act facilitates that.
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On November 20, 2023, a solar panel was situated in front of a factory at Jinzi Industrial Park in Shenm, China. (Reuters/Coleen Hau/File Photo)
Trump’s plan includes 10% comprehensive tariffs on all imports into the U.S., as well as reciprocal tariffs fluctuating from 10% to 50% imposed on both adversaries and allies, although in most instances, U.S. rates are less than those in foreign nations.
“April 2, 2025, will go down in history as the day American industry was rejuvenated. The day we reclaimed America’s destiny and began to revive our prosperity,” Trump remarked on Wednesday.
Based on White House data, the plan entails a 34% reciprocal tariff on China, specifically focused on 34%.
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Roy’s legislation impacts the leasing and buying of commercial properties, enabling businesses to qualify for bonus depreciation by making purchases of non-resident properties by eligible manufacturers considering 20 years of real estate rather than 39 years.
Additionally, it allows companies to exclude, among other benefits, profits from asset sales in the country of origin from their overall taxable income.
