U.S. Chamber President and CEO Thomas J. Donohue issued the following statement regarding potential tariffs against China:
“The administration is right to focus on the negative economic impact of China’s industrial policies and unfair trade practices, but the U.S. Chamber would strongly disagree with a decision to impose sweeping tariffs.
“Simply put, tariffs are damaging taxes on American consumers. Tariffs of USD 30 billion a year would wipe out over a third of the savings American families received from the doubling of the standard deduction in tax reform. If the tariffs reach USD 60 billion, which has been rumored, the impact would be even more devastating.”
“As we’re starting to see, tariffs could lead to a destructive trade war with serious consequences for U.S. economic growth and job creation. The livelihood of America’s consumers, businesses, farmers, and ranchers are at risk if the administration proceeds with this plan.”
“We urge the administration to not impose these tariffs and to work with the business community to resolve the real and justifiable concerns raised by Chinese trade practices.”