(Arlington, VA) – The United States Trade Representative has confirmed that beginning tomorrow, tariffs will be applied to $34 billion worth of Chinese imports in tariffs – or taxes – on over 1,000 different products, including Chinese machinery, auto parts and medical devices sold in the United States. These taxes will be paid by American firms, with the ultimate cost either transferred to consumers – or borne by the companies themselves in the form of lower profits. The government of China has made clear that it will immediately retaliate by imposing comparable tariffs on hundreds of U.S. products sold in China – with the greatest impact expected on soybeans and sport-utility vehicles, among others.
Kevin Hernandez, Policy Director of the LIBRE Initiative, released the following statement:
“Our economy doesn’t get stronger, and Americans don’t grow more prosperous, by the imposition of an ever-growing burden of new taxes on imports and exports. On the contrary, our economy is helped when government reduces the burden of tariffs – as well as other taxes and unneeded regulations – on our commerce. Getting government out of the way is the best way to grow the economy and to help make America better off.
If our economy is to continue growing, Washington needs to stop putting in place new tariffs that raise costs for consumers, limit economic opportunity, and stifle growth. Government should instead focus on a strategy for reducing barriers by embracing free and open trade that has proven to be mutually beneficial to all trading partners, rather than erecting barriers in the form of protectionist policies that undermine our nation's strong economic growth and ultimately harm hardworking families and entrepreneurs.”
For interviews with a representative from the LIBRE Initiative, please contact Brian Faughnan, 202-805-1581 or Wadi Gaitan, 202-853-4463