National Taxpayers Union President Pete Sepp on Wednesday issued a statement in response to the White House’s announcement today of new tariffs.
“If effective, these tariffs should lead to rapid cuts in foreign and U.S. tariffs, leading to a mutually beneficial “zero for zero” trading environment. Otherwise, these tariffs could rival the blow families would suffer if Congress allowed the 2017 taxpayer relief law to expire. Americans should brace for higher prices for everything from cars to prescription drugs to canned vegetables. Farmers who sell in the global marketplace should prepare for retaliation. Manufacturers who rely on imported raw materials and parts should prepare for big cost increases.
“If kept in place, these tariffs pose a triple threat to the U.S. economy. They will increase costs for Americans, encourage foreign governments to restrict U.S. exports, and create pressure for more federal spending to bail out Americans harmed by tariffs.
“We strongly support President Trump’s leadership in cutting taxes and slashing regulations. We will work with him to implement these beneficial reforms, while continuing to encourage caution over policies like the tariffs announced today that threaten his long-term success,” Sepp said.