Increasing Taxes on Trade Will Hurt Americans
(Arlington, VA) – Yesterday the United States imposed new tariffs on $16 billion worth of imports from China, and the government of China retaliated with its own tariffs on $16 billion worth of imports from the United States. The tariffs imposed by the United States fall on imported products from China that include semiconductors, chemicals, plastics, and electric scooters. Those imposed by the government of China will raise the prices of U.S. fuel, steel products, autos and medical equipment, among other products. These retaliatory tariffs follow the earlier imposition of tariffs by both nations in July, as well as tariffs imposed earlier this year by both nations on each other’s commerce.
Daniel Garza, President of The LIBRE Initiative, released the following statement:
“We have seen that the best way to encourage economic opportunity and growth is to reduce the unnecessary taxes and regulations that discourage work, investment, and wage growth. Applying new and unneeded taxes and regulations on the products we buy and sell abroad only undermines growth. We know the harm that these, and previous other tariffs, are already creating, and that will only increase unless they are eliminated soon. Regrettably, there appears to be no plan to accomplish that. It’s time to put the focus back where it belongs: on efforts to reduce tariffs and other taxes, which hurt our consumers and stifle U.S. job creation.”