WASHINGTON D.C. – National Foreign Trade Council (NFTC) Vice President for Global Trade Policy Tiffany Smith issued the following statement after the USITC today released its report on the effects of Section 232 and 301 tariffs:
“The U.S. Government today confirmed what the business community has been screaming from the rooftops for years – it is U.S. businesses, and ultimately U.S. consumers – who have borne the full cost of 232 and 301 tariffs.
“The report specifically mentions that import prices increased toe-to-toe with tariffs – an increase in prices of about 1 percent for each 1 percent increase in tariffs. At a time when American families and businesses are struggling to keep up with inflation, it is time for the Biden Administration to lift these tariffs and bring about some relief when it is most desperately needed.”
The NFTC submitted comments as part of the Tariff Reform Coalition for this investigation last year. You can find them here.
About the NFTC
The National Foreign Trade Council (NFTC) is the premier business association advancing trade and tax policies that support access to the global marketplace. Founded in 1914, NFTC promotes an open, rules-based global economy on behalf of a diverse membership of U.S.-based businesses.