Jul 05, 2018
New Tariffs Another Tax Hike on U.S. Consumers, Businesses
Post by Freedom Partners
Arlington, VA – Escalating its response to Washington’s tariffs on steel and aluminum, Mexico today has imposed steeper duties on U.S. pork and dairy products – a retaliatory move that further risks American jobs and drives up costs for consumers. Additionally, new U.S. tariffs on Chinese imports, set to take effect tomorrow, July 6, will prompt immediate retaliation from China, eroding the Trump administration’s economic gains.
Freedom Partners Executive Vice President Nathan Nascimento issued the following statement:
“Though fireworks, parades, and Independence Day festivities are still fresh, an escalating trade war persists at the detriment of American businesses, workers, and consumers. Through tax relief and regulatory reforms, this administration has done tremendous work to expand opportunity for more Americans; protectionist trade policies tarnish that record. Each new tariff piles a higher tax burden on hardworking Americans and their families.
“We know that China will retaliate, making it harder for our farmers to export their soybeans, pork, dairy goods, and much more. With more tariffs becoming reality – not just theoretical negotiating tactics – our economic losses will continue mounting. We again urge the administration to stop taxing Americans through tariffs and utilize better means to address its trade goals.”
Freedom Partners Trade Principles
- Individuals, businesses, and countries should be free to engage in the voluntary exchange of goods and services, which improves lives by growing the economy, increasing pay checks, and creating new and better jobs.
- Individuals and businesses in a competitive market, not government bureaucrats or politicians, should guide trade decisions.
- Punitive measures such as tariffs and quotas harm most consumers, workers, and businesses and should be eliminated.
- Subsidies and other forms of government supports for powerful and politically connected businesses and industries do not create value. They punish consumers, insulate businesses from market competition, and should be eliminated.
- Trade disputes should be resolved through existing international trade agreements and organizations.
- While national security interests may be a consideration in trade policy, they should be used to restrict trade only when there is truly a narrow national security interest at stake, not as a work around to impose tariffs.