Washington: American business leaders have raised concerns about President Donald Trump’s latest tariff plan, warning that new imports could increase costs, disrupt supply chains and harm American companies and consumers.
Standing on the lawn of the White House, Trump unveiled a reference rate of 10% against almost all American trade partners in the world from April 5, and an additional recharge rate of April 9 for other countries currently imposing pricing and non -tariff barriers against American companies.
Commercial groups reacted with dismay at the measures, which would see most of the goods imported from China, for example, faced with an additional rate totaling 34% in addition to the existing levies.
“The application of new rates on this scale will create changes and disruptions that restaurant operators will have to navigate to keep their restaurants open,” the National Restaurant Association said in a press release.
“The challenges of manufacturers could not be higher,” said Jay Timmons, president of the National Association of Manufacturers. “Many manufacturers in the United States are already operating with thin margins.”
“The high costs of new prices threaten investments, jobs, supply chains and, in turn, America’s ability to surpass other nations and direct pre-eminent manufacturing superpower,” he added.
Alongside China, the European Union, India and several other main American trade partners, will also be faced with new rates of at least 20% compared to April 9.
“These large prices are an increase in tax which will increase the prices of American consumers and will harm the economy,” said Neil Bradley, director of the American Chamber of Commerce policy in a statement before the prices were revealed.
“We urge decision-makers to concentrate rather the efforts on the acceleration of the professional agenda to extend our current tax policy, to rebalance the regulations and to trigger the full potential of American energy,” he added.
In a recent analysis, the University of Yale’s budgetary laboratory estimated that a 20% rate on imports on imports could cost the average American household at least $ 3,400 – a painful cost of living for most Americans.
“The world and reciprocal prices of President Trump are massive tax increases on the Americans who will stimulate inflation, will kill jobs on Main Street and can cause a recession to the American economy,” said Gary Shapiro, general manager of the association of consumer technologies, in a press release.
“These prices will increase consumer prices and force our business partners to retaliate,” he said.
Despite the widespread conviction, certain lobbying groups were more positive about the announcement.
“Today’s commercial action favors national manufacturers and American workers,” said Scott Paul, president of the Alliance for American Manufacturing.
“These men and women who work hard saw the unjust trade cut the ground under their feet for decades,” he continued.
“They deserve a chance to fight,” he said, calling Trump’s announcement “a necessary step in the right direction”.
