House Democrats Propose $15 Billion China-Tariff Bank to Rebuild US Manufacturing
Updated
Updated · The Guardian · Jul 23
House Democrats Propose $15 Billion China-Tariff Bank to Rebuild US Manufacturing
1 articles · Updated · The Guardian · Jul 23
Summary
$15 billion a year from existing Section 301 tariffs on Chinese imports would fund a new federal bank under a House Democratic bill aimed at reviving US manufacturing.
The Industrial Bank for American Manufacturing Act would steer up to 50% of tariff revenue into grants, loans and equity investments, with individual loans capped at $500 million and congressional approval required above $100 million.
Ro Khanna said the money would target deindustrialized regions such as Lordstown, Ohio, Johnstown, Pennsylvania, and parts of Michigan, helping smaller manufacturers replace imported parts with domestic production.
The proposal comes as US manufacturing employment has fallen to about 12.6 million from a 1979 peak of 19.6 million, including a 75,000-job decline since January 2025 despite years of China tariffs.