Grassley: Administration would need congressional approval to change bound tariffs

The Trump administration cannot negotiate a higher World Trade Organization tariff schedule without congressional approval, Senate Finance Committee Chairman Chuck Grassley (R-IA) warned on Thursday. Bloomberg reported on Wednesday that the Office of the U.S. Trade Representative was considering a renegotiation of the U.S. WTO tariff schedule, which represents the highest level of tariffs that can be imposed by the U.S. under WTO rules. The Trump administration has in the past argued that the U.S. is being taken advantage of...