Dennis Slater, president of the Association of Equipment Manufacturers (AEM), issued a statement opposing the escalating global trade war.
“Nobody wins in a global trade war,” says Slater, whose association argues that the Trump administration’s decision to propose a new round of $200 billion in tariffs on Chinese goods triggered the trade war. “American workers, farmers, consumers and the U.S. economy lose. Not only will these tariffs threaten many of the 1.3 million jobs our industry supports, they also hurt farmers who are already reeling from low-commodity prices.
“On top of this, these tariffs are eliminating many of the economic gains created by last year’s tax reform,” Slater adds. “Tariffs are taxes on consumers and businesses. We need policies that encourage manufacturing in the United States. Not the opposite.”
The U.S. Customs and Border Protection started to collect duties on $34 billion worth of goods earlier this month. In response, China imposed $34 billion of tariffs on U.S. goods.
In addition, another $16 billion worth of tariffs proposed by the Trump administration on Chinese goods is undergoing further review in a public notice and comment process, AEM says.
