GOP megadonor and chief executive of Koch Industries Charles Koch urged corporate leaders to push back on President Trump’s plan to impose tariffs on steel and aluminum imports from all countries.
Koch pointed out in an op-ed published in the Washington Post on Wednesday that those with “freest trade” are typically more financially successful and the “most tolerant.” He noted restricting trade through tariffs or other means in countries has negatively impacted their economy and “pitted people against each other.”
Koch argued that tariffs boost prices and restrict choices and don’t contribute to the “number of jobs overall.”
“The administration’s recent decision to impose major steel and aluminum tariff — on top of higher tariff on washing machines and solar panels — will have the same harmful effect,” Koch wrote. “Without a doubt, those who can least afford it will be harmed the most. Having just helped consumers keep more of their money by passing tax reform, it makes little sense to take it away via higher costs.”
“One might assume that, as the head of Koch Industries — a large company involved in many industries, including steel — I would applaud such import tariff because they would be to our immediate and financial benefit,” Koch added. “But corporate leaders must reject this type of short-term thinking, and we have. If we are to have a system in which businesses can success long term, policies must benefit everyone, not just the few.”
Koch wrote that tariffs would not contribute to more American jobs and would negatively impact overall productivity in the American workforce.
Trump has announced he plans to impose a 24 percent tariff on all steel imports and a 10 percent tariff on aluminum imports.
The decision has come under fire by the business community and Republican lawmakers.
Earlier Wednesday, a group of 107 House Republicans, spearheaded by House Ways and Means Committee Chairman Kevin Brady of Texas, urged Trump to not apply the tariffs to every trading partner.
It’s expected that Trump will approve the tariffs by the end of the week.
