The Chamber of Commerce, the nation’s largest business trade federation, slammed President Trump’s announcement that he would enact tariffs on an additional $300 billion worth of Chinese goods, arguing that it would “undermine” the U.S. economy.
The Chamber urged the U.S. and Beijing to return to the negotiating table and reach a deal before the next round of tariffs go into effect in September.
“Raising tariffs by ten percent on an additional $300 billion worth of imports from China will only inflict greater pain on American businesses, farmers, workers and consumers, and undermine an otherwise strong U.S. economy,” said Myron Brilliant, the Chamber’s executive vice president and head of international affairs.
He added: “We are deeply disappointed that the two sides missed the opportunity in May to address the substantive disagreements between them and have not yet reached a comprehensive, enforceable agreement. We urge the two sides to recommit to achieving progress in the very near term before these new tariffs come into effect, and to remove all remaining tariffs as swiftly as possible.”
The Chamber has long supported open and free trade and has been critical of the tariffs, arguing they merely serve to raise prices for consumers and U.S. companies that rely on Chinese goods and raw materials.
Trump announced Thursday that he would enact tariffs following a meeting in Shanghai between Chinese officials and U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin that was intended to get trade negotiations back on track. No progress was made, however, as neither side appeared to budge from earlier positions.
The president initially said the tariffs would be set at 10%, but later in the day said they could be 25% or even higher. The new tariffs would be on top of existing 25% tariffs on $250 billion worth of Chinese goods.
