A bipartisan bill introduced on July 22 by U.S. Sen. Susan Collins (R-ME) would exempt United States-owned small businesses from Trump-imposed tariffs on Canada.
“Imposing tariffs on Canada, Maine’s closest trading partner, threatens jobs, drives up costs, and hurts small businesses that have long relied on cross-border cooperation and exchange,” Sen. Collins said on Monday. “This bipartisan legislation would shield small businesses throughout the country from unnecessary economic harm while preserving the vital trade ties that support so many Maine communities.”
Specifically, the Creating Access to Necessary American-Canadian Duty Adjustments (CANADA) Act, S. 2383, which Sen. Collins cosponsored alongside bill sponsor U.S. Sen. Peter Welch (D-VT) and six other original cosponsors, would exempt goods imported by or for the use of small business concerns from the duties imposed by the national emergency declared on Feb. 1 by the president.
Ongoing changes to tariff levels and uncertainty about future trade policy have been difficult to navigate for small businesses across the U.S., according to Sen. Collins, and they lead to supply chain disruptions, increased costs of goods and materials, smaller profits and higher costs for consumers.
The bill, which has been referred for consideration to the U.S. Senate Finance Committee, is supported by the Main Street Alliance and the Small Business Majority.