A proposal to use a border-adjusted tax to discourage companies from manufacturing products overseas has been dropped because it doesn't have enough support, Republican leaders in Washington, D.C. have announced.
The plan has been set aside by a group of Republican leaders that includes House Speaker Paul Ryan (R-Wis.), Senate Majority Leader Mitch McConnell (R-Ky.), Treasury Secretary Steve Mnuchin, White House economic advisor Gary Cohn, House Ways and Means Committee Chairman Kevin Brady (R-Calif.), and Senate Finance Committee Chairman Orrin Hatch (R-Utah), reports Reuters.
The group issued a statement saying that the tax would not be part of an effort to reform the tax code.
The decision benefits large importers, including a group of automakers such as Toyota Motor Co. that lobbied against the tax. In February, President Donald Trump said the border tax wold create more jobs in the U.S.
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