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Congress looking for ways to increase global competitiveness

The House Ways and Means Committee is looking for ways to increase global competitiveness for U.S. businesses.

During a committee hearing this week, Chairman Jason Smith of Missouri says the Group of Seven countries, which includes Canada and the United Kingdom, are finalizing an international tax framework that respects existing U.S. tax laws.

“We have been patient to allow for all negotiating parties to have the space they need to reach agreement, but they must reach agreement soon,” he says.

Kimberly Clausing, professor at UCLA’s School of Law, says the most effective way to promote global competitiveness is to remove Trump’s tariffs.

“This action would provide large tax cuts for every American, reverse harmful effects on investment and job creation, strength US exports, and improve US international relations, which have certainly taken a large hit in recent months,” she says.

Smith says he expects to see the technical work done in negotiations with the G7 countries to move forward soon.