WASHINGTON DC – National Foreign Trade Council (NFTC) President Jake Colvin today issued a statement following the announcement that the United States and China have come to an agreement to lower reciprocal tariffs:
“We welcome today’s news that the United States and China have come to an agreement that cools the rapidly escalating trade war and gives some reprieve to U.S. businesses and consumers.
“However, a temporary pause is just that. We urge the administration to continue engagement with China to come to a lasting agreement that will allow American companies to make long-term plans in a more stable and certain environment.
“This agreement doesn’t address the added costs of doing business resulting from the non tariff changes the administration has recently implemented. The added costs of slower supply chains, more burdensome customs processes and inadequate guidance are hard to quantify but are just as destabilizing for businesses as the tariffs themselves.
“We thank Secretary Bessent and Ambassador Greer for their ongoing engagement and look forward to securing further stability in our economic relationship with China, as well as with all of our other trading partners.”
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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.
