The Trump administration is looking into a plan to cut taxes by the amount it's taking in from China tariffs

Reuters

• The Trump administration is looking into a proposal that would lower taxes by the same amount it has taken in from tariffs, according to a congressional aide. 
• The proposal came as the US trade war with China threatens to put pressure on American businesses and consumers.
• The White House falsely claimed for much of the past year that tariffs are paid by foreign exporters, particularly in the case of China.
• Visit Markets Insider for more stories.

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The Trump administration is looking into a proposal that would lower taxes by the same amount it has taken in from tariffs as its trade war with China threatens to put pressure on American businesses and consumers. 

Republican Senator Rick Scott of Florida first introduced the tax cuts, which would be equal to the revenue the Treasury Department received from tariffs on thousands of Chinese products over the past year. The plan was first reported by the Washington Post.

See the rest of the story at Business Insider

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