Americans for Free Trade, a broad coalition united against tariffs, of which NACDS is a member, sent a letter this week to President Trump commending the administration for making progress on trade negotiations and recognizing the negative impact of tariffs on American businesses by avoiding a tariff hike on March 2. The coalition emphasized the urgency of concluding trade talks as existing tariffs and ongoing uncertainty continue to hurt businesses across the country.
The letter states: “It is our hope that this momentum will build in the weeks ahead and lead to a final deal that addresses structural issues in China, removes tariffs on both sides, and eliminates trade uncertainty facing American businesses and farmers. Although we are encouraged by the latest signs of progress, it is important to note that existing tariffs and shifting deadlines are hanging over American businesses and farmers and undermining their ability to grow, invest, and plan for the future.”
“It is our hope that this momentum will build in the weeks ahead and lead to a final deal that addresses structural issues in China, removes tariffs on both sides, and eliminates trade uncertainty facing American businesses…”
The letter also asks the administration to publish a required Federal Register notice before March 2 confirming and detailing the decision to avoid a tariff increase in order to provide the business community with certainty.
The coalition letter also highlights the rising cost of the trade war using monthly data on how much new tariffs have cost American businesses and consumers. The most recent monthly data, which comes from the U.S. Census Bureau, shows that American businesses paid an additional $2.7 billion in November 2018, a massive year–over–year increase from $375 million in tariffs on the same products in 2017.