Major U.S. Trade Associations Call for U.S. and China to Immediately Return to the Negotiating TableTue, 06 Aug 2019 10:55:44 CDT
Tariffs Hurt the Heartland, the campaign comprised of over 150 of America’s largest trade organizations and agriculture commodity groups, today called on the U.S. and China to return to the negotiating table as the economic fallout from an escalated trade war continues to grow. Jonathan Gold, a spokesman for the campaign, issued the following statement.
“It’s never been more clear that tariffs are a failing strategy. Behind today’s market turmoil are real Americans who have been used as bargaining chips in this trade war. There are farmers who are defaulting on loans or filing for bankruptcy. There are small business owners who have put their dreams on hold. And there are American workers whose jobs are increasingly at risk in an otherwise strong economy. Both sides need to return to the negotiating table immediately. Nobody wins in a trade war, and right now, everyone is losing.”
A study commissioned by Tariffs Hurt the Heartland and prepared by Trade Partnership Worldwide found that if tariffs of 25 percent are imposed on all remaining imports from China and retaliation follows, the U.S. economy could lose more than 2 million jobs over the next few years, the average family of four would face more than $2,000 in higher costs annually, and the value of U.S. GDP would drop by 1 percent. This analysis includes the impact of previously implemented tariffs.
Source - Tariffs Hurt the Heartland
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