CEO DATELINE - Business groups blast tariffs on Chinese goods
CEO DATELINE - Business groups blast tariffs on Chinese goods
- June 15, 2018 |
- CEO Update
Consider joining CEO Update. Membership gives full access to the latest intelligence on association management, career advancement, compensation trends and networking events, as well as hundreds of listings for senior-level association jobs.
Business groups are criticizing President Donald Trump's decision to impose 25 percent tariffs on potentially $50 billion in Chinese goods, saying the decision will fall hardest on American consumers and workers.
The first tariffs—on $34 billion in goods—will take effect July 6 on more than 800 products, ranging from aircraft tires to commercial dishwashers, BBC News reported. The administration is reviewing tariffs on another $16 billion in goods. Trump said the U.S. will consider even more tariffs if China retaliates. https://bbc.in/2JUADP1
In a statement, U.S. Chamber of Commerce CEO Tom Donohue said the decision "places the cost of China's unfair trade practices squarely on the shoulders of American consumers, manufacturers, farmers, and ranchers. This is not the right approach."
The Chamber is instead suggesting working with U.S. allies to address China's trade practices.
National Retail Federation CEO Matt Shay said tariffs would undermine recent economic progress in the U.S.
"Tariffs are taxes on American consumers, plain and simple," Shay said. "These tariffs won't reduce or eliminate China's abusive trade practices, but they will strain the budgets of working families by raising consumer prices."
National Association of Manufacturers CEO Jay Timmons said there is "no question that China cheats and that its unfair trade practices and intellectual property theft are hurting America's manufacturing workers." However, NAM supports a different approach.
"To put an end to these threats and redefine the U.S.-China economic relationship, manufacturers are calling for a new path forward: a fair, binding, enforceable bilateral trade agreement," Timmons said. "This approach would end fears of a trade war, get China to play by the rules and secure manufacturing jobs in the United States."
TechNet CEO Linda Moore said the tariffs are a mistake that is putting the U.S. on a path toward a trade war with China.
"We have countless examples throughout history that prove tariffs do not work, and one recent study shows that tariffs now will slow U.S. economic output by $322 billion over the next decade," Moore said.
MORE CEO DATELINE
- Groups spanning health care sector form partnership on policy issues
- BIO threatens to kick out members for sponsoring event with topless women
- Video game association CEO disputes alleged link between games, violence
- New association launches for primary aluminum providers
- Psychological association calls suicide prevention public health priority