Tariffs would hurt U.S. businesses and consumers in the form of higher product prices, associations tell Congress.
The National Retail Federation (NRF), the Information Technology Industry Council and 105 other associations representing U.S. manufacturers, farmers, agribusinesses, retailers, technology companies, importers, exporters and other supply chain stakeholders sent a letter to House Ways and Means Committee Chairman Kevin Brady, (R-Texas), and Ranking Member Richard Neal, (D-Mass.), urging Congress to play a strong role in mitigating the escalating trade situation with China.
The letter asked Brady and Neal to work to ensure that U.S. families are not forced to pay the price for China’s bad behavior.
“We strongly encourage Congress to work together and with the Administration to develop and execute a strategic policy to effectively address the longstanding problems in China,” the coalition wrote.
“As Committee members are aware, tariffs are hidden, regressive taxes that will be paid by U.S. businesses and consumers in the form of higher product prices,” the letter said. “While the tariffs are not yet in effect, the possibility of imposition of tariffs on billions of dollars of goods, the as-yet-undefined potential investment restrictions and threats of a potential trade war create unpredictability across the business and farm community here in the United States, depress commodity prices, and have already harmed U.S. companies, farmers, consumers and markets.”
