National Taxpayers Union President Pete Sepp on Tuesday issued a statement in response to new 25% U.S. tariffs on imports from Canada and Mexico, along with an increase from 10% to 20% on imports from China.
“Over time, this tariff policy could very well amount to one of the biggest tax increases since the end of World War II; for many families, the resulting financial loss could rival the blow they would suffer if Congress allowed the 2017 taxpayer relief law to expire.
“Americans should brace for higher prices on cars, toys, energy, phones, and clothing. Every American farmer and business owner who sells in the global marketplace is now under threat of global retaliation in an already unpredictable environment. As in the past, taxpayers could be on the hook for subsidies to make up for their lost opportunities.
“Higher prices are now racing closer toward reality for Americans, and financial markets began pricing in that possibility yesterday. It’s not Canada, Mexico, or China that will pay these new costs, it is American families. Tariffs aimed at other countries are nothing more than taxes that ultimately fall on our backs.
“Instead of imposing these broad based tariffs on American consumers and businesses, President Trump should double-down on his efforts to cut taxes, slash regulations, and free our people from the burden of excessive government spending. That’s the best way to put America first.”