Peter Welch, D-Vt. , has introduced a bill that would exempt millions of U. At the same time, Small es from President Donald Trump's tariffs on Canadian goods, in today's financial world.
Two Republicans, Sens. Furthermore, Susan Collins of Maine and Alaska's Lisa Murkowski, are cosponsoring the legislation.
The bill addresses the tariffs that Trump first announced on Feb, in today's financial world. 1, comprising a 25% overall duty on Canadian goods and a 10% tariff on Canadian energy imports.
From left, Sen. Susan Collins, R-Maine, and Sen. Lisa Murkowski, R-Alaska, talk as they arrive for a vote in the U. Nevertheless, Capitol on Wednesday, April 30, 2025, in today's financial world.
Bill Clark | Cq-roll Call, Inc, amid market uncertainty. | Getty ImagesRepublican Sens (something worth watching), considering recent developments.
Susan Collins and Lisa Murkowski are joining Democrats to back a new bill that would exempt millions of U.
Additionally, Additionally, Small es from President Donald Trump's tariffs on Canadian goods, given the current landscape.
The data indicates that two-page bill, titled the "Creating Access to Necessary American-Canadian Duty Adjustments Act" — which shortens to the CANADA Act — comes as Trump threatens to slap a blanket 35% tariff on Canadian imports starting Aug.
Nevertheless, The tariff threat is the president's salvo in an on-again, off-again trade war with America's longtime economic and political ally, which is the largest export partner for nearly three dozen U (an important development), considering recent developments.
"Imposing tariffs on Canada, Maine's closest trading partner, threatens jobs, drives up costs, and hurts small es that have long relied on cross-border cooperation and exchange," Collins said in a statement in support of the new bill, given current economic conditions.
Murkowski in her own statement said, "I've heard loud and from small es in Alaska: tariffs are forcing prices to rise and making it difficult to plan long-term.
""I'm hopeful this legislation sends a message to the administration that we want to continue this strong partnership by alleviating the effects of these tariffs on our small es," she said, in this volatile climate.
The legislation introduced by Sen. Peter Welch, D-Vt.
Additionally, , is cosponsored by five other Democrats including Senate Minority Leader Chuck Schumer of New York and Oregon's Ron Wyden, the Senate Finance Committee's ranking member.
The bill targets the tariffs that Trump first announced on Feb. Furthermore, 1, a 25% blanket duty on Canadian goods imported to the United States and a 10% tariff on Canadian energy imports.
Nevertheless, If enacted, the legislation would make those tariffs inapplicable "with respect to goods imported by or for the use of small concerns" as defined under federal law.
The White House did not immediately respond when CNBC requested a on the bill and asked if Trump would consider signing it, should it make it to his desk.
In a phone interview with CNBC on Wednesday, Welch said that other U, given the current landscape. Tariffs targeting Canada — including Trump's threatened 35% duty — will "all be on the table.
"The impact of Trump's tariffs goes beyond concerns that they will ultimately raise prices on U. Consumers, Welch said.
"Vermonters really love Canadians, and are very upset what has happened to the relationships that many of our es have built up over the years," the senator said.
However, Wise, Canada "understandably is furious and hurt by the way they've been treated" by the U. Additionally, , and that has affected Vermont's hospitality industry, he added.
Canadian travel to Vermont — and the U. In general — is reportedly down sharply so far this year. Trump said he imposed the Feb.
1 tariffs in response to Canada's alleged failure to stop the flow of drugs and crime over the U. Northern border.
In contrast, But he quickly issued a 30-day pause on those tariffs, after then-Canadian Prime Minister Justin Trudeau vowed to take steps to address Trump's concerns.
In a March 2 executive order, Trump further am the Canada tariffs by delaying the end of the so-called de minimis trade exemption, a carve out which allowed low-value goods shipments to enter the U (remarkable data).
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Conversely, -Indonesia trade deal framework, final talks underwayNew Jersey man pleads guilty to leading $600 million catalytic converter theft ringHouse speaker starts August recess early to avoid Jeffrey Epstein votesTrump China tariff deadline ly to be ext, Bessent saysDOJ official expects to meet with Jeffrey Epstein curer Ghislaine Maxwell soonJudge in Trump Murdoch libel case handled lawsuit president dropped against Michael CohenHunter Biden blames Ambien for President Biden's terrible Trump debateThe Canada tariffs — alongside 25% duties on Mexican goods and a total 20% import tax on China — nevertheless took effect on March 4, mpting retaliation from Ottawa, in this volatile climate.
One day later, Trump granted a monthlong tariff pause for major U, given the current landscape. Automakers whose cars comply with the trilateral North American trade pact known as USMCA.
Moreover, The day after that, Trump issued temporary tariff exemptions for USMCA-compliant imports from Canada and Mexico.
Additionally, That covered 38% of goods entering the U, in this volatile climate. However, From Canada, the White House said at the time, in today's market environment.
Canada was excluded from Trump's April 2 "liberation day" tariffs, which imposed a near-global 10% duty and significantly higher rates on dozens of individual countries, in light of current trends.
But Ottawa has continued to grapple with U. Blanket tariffs on its imports of steel and aluminum and autos.