TAX INCREASES ON IMPORTS WILL HURT ECONOMIC OPPORTUNITY
(Washington, D.C.) – In the wake of an announcement by the White House of billions of dollars in new tariffs on a range of goods that American consumers import from China, the two countries are engaged in trade discussions. The administration has expressed hope for a positive resolution to these talks. In the meantime, the government of China has announced its intention to retaliate in the form of new tariffs on U.S. exports to that country.
Daniel Garza, President of The LIBRE Initiative, released the following statement:
“In recent months, Congress and the president have worked together to eliminate unnecessary regulation and lift the punitive tax burden faced by millions of consumers, as well as American entrepreneurs and companies. As these reforms have been implemented, the economy has thrived, and more and more Americans have benefited from growing economic opportunity. Imposing new government taxes – in the form of tariffs on key imports – can only hurt our economy, in addition to prompting costly retaliation by our trade partners.
The best way to grow prosperity in the United States is by curbing unnecessary and costly taxation and regulation, and ensuring that American consumers and businesses have access to abundant and affordable materials and goods from markets all across the globe. New taxes and government trade barriers will only harm our economy – and working families will be the hardest hit. Rather than unilaterally implementing protectionist policies, we should be working with our allies in a bilateral or multilateral fashion to unwind any problematic policies identified in our trade relations with China.”