Democratic lawmakers propose bank funded by China tariffs to boost US manufacturing

Exclusive: Ro Khanna says reindustrialization' effort would provide grants, loans and investments to smaller businesses

Democrats in the US Congress have laid out plans for what they say would be the boldest" bid to revitalize the country's industrial heartlands since the second world war - using revenue raised by tariffs on China.

A bill introduced this week would create a new bank to strengthen domestic manufacturing, provided with up to $15bn in funds each year.