US Chamber Of Commerce Warns Against Tariffs on China

Tariffs being mulled by the Trump administration against China on intellectual property issues are opposed by the U.S. Chamber of Commerce, and would amount to a "tax" on U.S. consumers, according to President and CEO Thomas Donohue. “The administration is right to focus on the negative economic impact of China’s industrial policies and unfair trade practices," Donohue said, "but the U.S. Chamber would strongly disagree with a decision to impose sweeping tariffs.Simply put, tariffs are damaging taxes on American consumers." Tariffs on $30 billion in Chinese goods would "wipe out over a third of the savings American families received from the doubling of the standard deduction in tax reform. If the tariffs reach $60 billion, which has been rumored, the impact would be even more devastating." Further, the situation could result in a damaging trade war "with serious consequences for U.S. economic growth and job creation. The livelihood of America’s consumers, businesses, farmers, and ranchers are at risk if the administration proceeds with this plan."Donohue called on the administration to not take the tariff route, but work with businesses to resolve the "real and justifiable concerns raised by Chinese trade practices.”