WASHINGTON DC – National Foreign Trade Council (NFTC) Vice President for Global Trade Policy Tiffany Smith today issued a statement following the announcement of new tariffs on Mexico, Canada and an increase of tariffs on China.
“We share the Administration’s commitment to address illicit activity at our borders, whether that be the smuggling of narcotics or practices that harm companies through the violation of established rules. That said, we are deeply concerned that the President decided to move ahead with new tariffs on Canada, Mexico and China, which will raise costs for American businesses and consumers and undermine U.S. economic growth.
“Imposing tariffs on Canada and Mexico threatens to chill a collaborative effort to strengthen our shared border and risks starting a trade war with America’s closest trading partners.
“While we agree with concerns about illicit activity by China, escalating tariffs will continue to degrade global supply chains and increase costs for American businesses and consumers. Layering this new round of tariffs on Chinese imports creates additional headwinds and mounting costs for businesses that have little time to react or to make informed decisions on alternative sources of supply.
“We are encouraged that the Administration continues to temporarily allow for de minimis treatment of low value goods in these tariff actions to avoid doubling the cost of these everyday products for consumers and small businesses while over-burdening government resources in collecting minimal revenue at a loss.
“We share the Administration’s objective of keeping everyday prices low for Americans facing inflation, but these new tariffs run counter to that goal. We encourage the Administration to work directly with our major trading partners to deescalate the situation and quickly find a path forward to rescind these tariffs and avoid a trade war that will be costly for businesses and consumers.”
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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.
