(Arlington, VA) – Yesterday the White House announced that in less than a week, the United States will impose new tariffs on $200 billion of goods purchased by the United States from China – taxes that will be borne by the U.S. companies making these purchases. This morning the government of China announced that they will retaliate with new tariffs on $60 billion in goods sold by the United States to China. The president recently stated that retaliation by China would be met by still more new tariffs on Chinese goods.
Daniel Garza, President of The LIBRE Initiative, released the following statement:
“It was only a few months ago that the White House assured American consumers that no country would be expected to retaliate against new U.S. tariffs. Instead, retaliation is the norm, and the price being paid by American consumers, entrepreneurs, and workers is rising – with no signs of any change in course ahead. Farmers, workers, and families are in the crosshairs, and low-income families and workers are the most at risk. Any additional miscalculations could do far more damage to the American economy.
Our economy needs an exit strategy from the current protectionist and costly approach of imposing tariffs and further escalating an already growing trade war – one that prioritizes eliminating trade taxes that hurt American consumers and producers. The focus needs to be on eliminating all taxes and trade barriers – not on mounting tariffs that hurt everyone.”