CEO DATELINE - U.S. Chamber says foreign tariffs will hit states hard
CEO DATELINE - U.S. Chamber says foreign tariffs will hit states hard
- July 2, 2018 |
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Walt Williams
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The U.S. Chamber of Commerce has released a state-by-state analysis of tariffs being imposed on U.S. goods as part of the business group's campaign to get President Donald Trump to lift similar sanctions on imported goods.
The Chamber looked at retaliatory tariffs imposed by China, the European Union, Mexico and Canada in response to Trump's decision to levy tariffs on goods coming into the U.S. The report paints a bleak economic picture for several states.
"Tariffs are simply taxes that raise prices for everyone," Chamber CEO Tom Donohue said. "Tariffs that beget tariffs that beget more tariffs only lead to a trade war that will cost American jobs and economic growth."
Some findings in the report:
Alabama: In total, $3.6 billion of state exports are threatened by retaliatory tariffs from China, the EU, Mexico, and Canada. Steel products, aluminum products and soybeans are among the hardest hit.
Michigan: In total, $2.3 billion of state exports will be subject to retaliatory tariffs. Steel and aluminum products, as well as automobiles, are among the hardest hit.
Pennsylvania: In total, $1.7 billion of state exports are threatened by retaliatory tariffs. Steel products, iron products, coffee and pastries are all among the hardest-hit products.
South Carolina: In total, $3 billion of state exports will be subject to retaliatory tariffs. Lawn mowers, steel product and iron products are among the hardest-hit exports.
Texas: In total, $3.9 billion of state exports will be subject to retaliatory tariffs. Pork and whiskey are among the hardest-hit exports.
Wisconsin: In total, $1 billion of state exports are threatened by retaliatory tariffs. Cheese, toilet paper and ginseng are among the hardest-hit products.
"The administration is threatening to undermine the economic progress it worked so hard to achieve," Donohue said. "We should seek free and fair trade, but this is just not the way to do it." https://uscham.com/2lMwbEl
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