Trump swings the tariff axe, US business lobbying groups criticize

Agence France-Presse, Washington, April 2nd. US President Trump's comprehensive tariff policy announced today has been widely criticized by US business lobbying groups, who are concerned that these new tariffs will affect their businesses.

Standing on the White House lawn, Trump announced that starting April 5th, a benchmark tariff of 10% will be imposed on almost all trade partners globally, and starting April 9th, higher reciprocal tariffs will be levied against other countries that currently impose tariffs and non-tariff barriers on US enterprises.

Trade groups expressed frustration with these tariff measures because, for example, this will result in most goods imported from China facing an additional total tariff of 34% based on the current tariffs.

The National Restaurant Association said in a statement: "The introduction of such large-scale new tariffs will bring changes and disruptions, and restaurant operators must address these challenges to maintain operations."

National Restaurant Association President and CEO Cosmos said that as the US foodservice industry is particularly struggling, ingredient costs have risen by 40% over the past five years.

Cosmos said in the statement: "Restaurant operators are sourcing ingredients from multiple domestic locations as much as possible, but US agriculture and livestock industries simply cannot produce the quantities needed to meet consumer demand."

Denis, Chairman of the National Association of Manufacturers, said: "Manufacturers are facing unprecedented risks; many US manufacturers already operate on very slim profit margins."

He added: "The high cost of the new tariffs threatens investment, jobs, supply chains, and ultimately undermines America's ability to surpass other countries and become a manufacturing superpower."

In addition to China, the EU, India, and several other major US trading partners will also face new tariffs of more than 20% starting April 9th.

Bradley, Policy Director of the US Chamber of Commerce, said in a statement before Trump announced the tariffs: "These broad tariffs are equivalent to tax increases that will raise consumer prices in the US and harm the economy."

He added: "We urge policymakers to focus on accelerating growth agendas, including extending our current tax policies, rebalancing regulations, and unleashing the full potential of American energy."

A recent analysis by Yale University's Budget Lab estimated that adding a 20% tariff on top of the existing tariffs will increase spending for the average American household by at least $3,400, which will be noticeable to most Americans.

Shapiro, CEO of the Consumer Technology Association, said in a statement: "President Trump's comprehensive benchmark and reciprocal tariffs are essentially a massive tax hike on Americans, which will fuel inflation, stifle job opportunities for ordinary people, and potentially lead to an economic recession in the US."

He said: "These tariffs will increase consumer prices and force our trading partners to adopt retaliatory measures."

Despite significant criticism, some lobbying groups have taken a more positive stance on this news.

Paul, Chairman of the Alliance for American Manufacturing, said: "Today's trade actions prioritize domestic manufacturers and American workers."

He said: "For decades, hardworking men and women have witnessed the losses caused by unfair trade firsthand."

Paul said, "They deserve a chance to fight back," and called Trump's announcement "a necessary step in the right direction."

Source: https://www.toutiao.com/article/1828380497958932/

Disclaimer: This article solely represents the author's views.