(Washington, D.C.) – The president today announced an executive action imposing new tariffs – import taxes – on imported aluminum and steel. This action is based on a finding that these imported metals constitute a threat to U.S. national security.
The tariff would have the effect of raising the price of these metals for all U.S. consumers. This would tend to make it harder for U.S. companies that use these metals to compete against foreign businesses, which will pay comparatively less for them in the international market.
Daniel Garza, President of The LIBRE Initiative, released the following statement:
“Congress and the president recently came together on legislation to lower taxes on businesses and consumers, and today the U.S. economy is thriving. Job growth is strong. Unemployment is low. And Hispanic workers and others are beginning to enjoy the benefits of greater take-home pay. Raising taxes on products like aluminum and steel will raise the cost of consumer products, make our companies less competitive abroad, and undermine the economic growth we are seeing today. It may also prompt our trade partners to impose new tariffs and other barriers on goods produced in the United States – further weakening our economy and threatening American jobs. This is the wrong approach.
Lowering taxes and lowering trade barriers is the best way to help our economy to become more competitive, and to ensure that American workers reap the benefits. Tariffs undermine our economy and our competitiveness. Ultimately, it is American workers and consumers who will suffer the most.”