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Groton Daily Independent
Tuesday, Sept. 26, 2017 ~ Vol. 25 - No. 079 ~ 25 of 40
lower costs for U.S. companies that import made-in-China merchandise, potentially boosting their pro ts. President Donald Trump has called companies that bene t from foreign government subsidies “cheaters.” The AP spoke with four trade experts in the United States and China who said the Zhejiang measures ap- peared to violate World Trade Organization rules. “These are clearly export subsidies,” said Gary Hufbauer,
a trade expert at the Peterson Institute for International Economics in Washington.
Zhejiang province’s Department of Commerce and the Zhejiang Tongxiang Foreign Trade Group declined
comment.
The AP also found that from Oct. 2013 to Jan. 2015, Jiangsu High Hope International Group Corp., a
conglomerate majority-owned by the Jiangsu provincial government, shipped 45 tons of Ivanka Trump clothing to the U.S., according to records from ImportGenius and Panjiva.
High Hope told AP it had “a small number of business dealings” with Ivanka Trump licensee G-III Ap- parel, but declined to answer questions about whether the relationship is ongoing.
G-III, which is based in New York City, declined to respond to speci c questions but said in a statement that it is “committed to legal compliance and ethical business practices in all of our operations worldwide.” Ivanka Trump licensee Mondani Handbags & Accessories Inc., also headquartered in New York, did not respond to requests for comment.
Ivanka Trump’s brand said it was in the process of reviewing its supply chains with the help of “inde- pendent experts whose mission it is to advance human rights” and emphasized that all licensees, manu- facturers, subcontractors and suppliers are required to abide by the law, as well as ethical practices set forth in a vendor code of conduct.
The AP asked to see the code of conduct, but the brand declined to share it.
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Associated Press researchers Fu Ting in Shanghai and Yu Bing in Beijing contributed to this report. ___
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GOP, White House prepare to roll out tax cuts By MARCY GORDON and KEN THOMAS, Associated Press
WASHINGTON (AP) — The White House and congressional Republicans are nalizing a tax plan that would slash the corporate rate while likely reducing the levy for the wealthiest Americans, with President Donald Trump ready to roll out the policy proposal at midweek.
The grand plan to rewrite the nation’s tax code would be the rst major overhaul in three decades, delivering on a Trump campaign pledge and providing a sorely needed legislative achievement. It also is expected to eliminate or reduce some tax breaks and deductions.
The plan would likely cut the tax rate for the wealthiest Americans, now at 39.6 percent, to 35 percent, people familiar with the plan said Monday. They spoke on condition of anonymity ahead of a formal an- nouncement.
In addition, the top tax for corporations would be reduced to around 20 percent from the current 35 percent, they said. It will seek to simply the tax system by reducing the number of income tax brackets from seven to three.
Trump has said he wanted to see a 15 percent rate for corporations, but House Speaker Paul Ryan has called that impractically low and has said it would risk adding to the soaring $20 trillion national debt.
The White House and congressional leaders planned an all-out blitz later this week to build support for the plan, which is now Trump’s top legislative priority as the GOP has struggled to repeal and replace Democrat Barack Obama’s health care law. The political stakes are high for Trump, who has promised to bring 3 percent economic growth and expanded jobs through tax cuts.
Vice President Mike Pence was expected to hold events in Michigan and Wisconsin on Thursday to pro- mote the tax plan with business leaders.