Escalating Tariffs Will Only Hurt our Economy
(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:
For interviews with a representative from the LIBRE Initiative, please contact Brian Faughnan, 202-805-1581 or Wadi Gaitan, 202-853-4463