WASHINGTON DC – National Foreign Trade Council (NFTC) President Jake Colvin today issued a statement following the announcement by the President of new reciprocal tariffs:
“We share the President’s desire to grow U.S. production of manufactured goods, agriculture products, services, and knowledge, but dramatically increasing America’s tariffs will undercut that objective.
“Without oversight from Congress, the President intends to raise tariffs to the highest levels since the Great Depression, which jeopardizes the competitiveness of U.S. businesses and the pocketbooks of all Americans.
“While the price of imported goods will undoubtedly rise, the President’s tariffs will also tack on added costs to American manufacturing, assembly and farming. There is simply no way to mitigate all of the added costs of inputs to finished goods from the Administration’s complex and growing web of tariffs. Consumers should expect to see higher prices for everything from groceries to home renovations to auto insurance as construction and repair costs rise.
“The America First Trade Policy rightly recognizes the harmful impact that discriminatory measures can have in preventing U.S. companies from accessing foreign markets, but tariffs should be a scalpel to remedy specific unfair practices, not a sledgehammer that disregards our trade commitments, invites retaliation and undermines the competitiveness of U.S. businesses and the finances of the American people.
“The Administration, Congress and America’s key trading partners and allies quickly need to identify paths forward to de-escalate and seek a durable new normal that lowers barriers, rebuilds trust and minimizes uncertainty.
“We look forward to partnering with the Administration and Congress to think creatively about pathways to foster trust with our trading partners and achieve our shared goals of lowering trade barriers and enhancing the competitiveness of American businesses and workers.”
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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.
