Democratic lawmakers propose bank funded by China tariffs to boost US manufacturing
Summary
Democratic lawmakers in the US have proposed a bill to create a new bank funded by tariffs on imports from China. This bank would provide up to $15 billion a year to support American manufacturers, especially in areas where industry has declined.Key Facts
- The bill is called the Industrial Bank for American Manufacturing Act.
- It would use up to 50% of the tariffs collected on goods from China, capped at $15 billion annually.
- The bank would offer grants, loans, and investments to small and medium-sized manufacturers.
- Loan amounts above $100 million would need congressional approval; loans are capped at $500 million.
- The funds would target regions hit hard by manufacturing job losses, like Pennsylvania, Ohio, and Michigan.
- Tariffs on China began under President Trump in 2018 and continued with adjustments during his second term.
- US manufacturing jobs have dropped from nearly 20 million in 1979 to about 12.6 million in 2026.
- The bill aims to help businesses that struggle to get capital to produce goods domestically instead of importing them.
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