WASHINGTON, D.C. – National Foreign Trade Council (NFTC) President Jake Colvin released the following statement in response to the Trump Administration’s implementation of country-specific tariffs:
“This week’s trade deals and new tariff rates mark a significant inflection point for the Trump Administration’s trade policy. While it has been encouraging to see key U.S. trading partners to commit to remove some foreign trade barriers, a great deal of work remains to be done to make sure they deliver on those promises and to accelerate efforts to remove discriminatory measures that were not part of those initial understandings.
“Whatever progress that’s ultimately achieved as part of these new trade deals will come at the steep price of significant U.S. tariff increases and the erosion of trust with America’s key partners. Institutionalizing the highest U.S. duties since the Great Depression, coupled with ongoing uncertainty, will ultimately make American businesses less competitive globally and consumers worse off while harming relationships with close geopolitical allies and trading partners.
“We hope the Administration will continue working with our major trading partners to translate the initial deals they reached into durable results while looking for opportunities to reduce U.S. tariffs, eliminate key foreign trade barriers and restore predictability to trade.”
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About the NFTC
The National Foreign Trade Council (NFTC) is the premier business association advancing trade, tax, national security and supply chain 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, who account for over $6 trillion in revenue and employ nearly 6 million people in the United States.
