Mar 14, 2018

Freedom Partners & AFP: Tariffs In Any Form Would Negate Benefits of Tax Reform

Post by Freedom Partners

Arlington, VA – Following the Trump administration’s recent decision to impose tariffs of 25 percent on steel and 10 percent on aluminum – an executive action that has been widely opposed by leading economists, academics and policy experts – news reports indicate that the administration may be considering new tariffs targeting the technology and telecommunications industries.

Reuters reports:

“U.S. President Donald Trump is seeking to impose tariffs on up to $60 billion of Chinese imports and will target the technology and telecommunications sectors

“While the tariffs would be chiefly targeted at information technology, consumer electronics and telecoms, they could be much broader and the list could eventually run to 100 products.”

Freedom Partners Executive Vice President Nathan Nascimento issued the following statement:

“No matter what tariffs are thought to achieve, it’s American consumers who are left with the pains of higher costs, not other countries. The unintended consequences of tariffs are boundless and pose a serious threat to the strength of our economy, driving up the prices of essential goods that consumers buy every day. Americans were just given much-needed relief through tax reform. We shouldn’t be negating those benefits that are helping to grow our economy by raising prices.”

Americans for Prosperity Chief Government Affairs Officer Brent Garnder issued the following statement:

“These tariffs would essentially impose a new tax hike on American families just as they are beginning to realize the benefits of badly-needed and long-overdue tax relief. Millions of innocent Americans stand to lose when misguided government actions result in consumers paying more for everyday goods. The last thing working people need is new burdens on their budget in the form of higher prices and higher taxes.”

Earlier today, Freedom Partners emphasized that many of the arguments made by the Trump administration in support of tariffs on steel and aluminum are similar to arguments made by the Bush administration in 2002 for the failed tariffs it imposed to support the American steel industry.

Freedom Partners and Americans for Prosperity have a long track record of opposing higher taxes on any imports because they ultimately hurt the people they are supposed to help – punishing consumers with higher costs, destroying jobs and undermining the economy.