WASHINGTON (AP) – The Latest on President Trump’s meeting with U.S. manufacturing CEOs (all times local):
2:50 p.m.
A senior White House official says several U.S. manufacturing CEOs pushed for a controversial tax on imports during their meeting with President Trump Thursday. The tax, known as the “border-adjusted tax,” would also exclude exports from taxation. House Republican leaders are pushing it as a corporate tax reform.
The tax has divided the business community. The official says concern was expressed by some of the 24 CEOs in the meeting, particularly those who rely on imported goods.
The border-adjusted tax is strongly opposed by large retailers such as Wal-Mart and Target, who argue that they could pay more in taxes than they earn in profits. The official was not authorized to discuss a closed-door meeting and spoke on condition of anonymity.