Concerns grow about potential trade war

U.S. Chamber of Commerce president: “Tariffs that beget tariffs that beget more tariffs only lead to a trade war that will cost American jobs and economic growth.”    The U.S. Chamber of Commerce on Monday sounded the alarm about the growing number of tariffs being imposed or planned by the United States and retaliatory tariffs imposed in response by China, the European Union, Mexico and Canada.
   “Tariffs are beginning to take a toll on American businesses, workers, farmers and consumers as overseas markets close to American-made products and prices increase here at home,” said U.S. Chamber President and CEO Thomas J. Donohue. “Tariffs are simply taxes that raise prices for everyone. Tariffs that beget tariffs that beget more tariffs only lead to a trade war that will cost American jobs and economic growth.”
   “The administration is threatening to undermine the economic progress it worked so hard to achieve,” continued Donohue. “We should seek free and fair trade, but this is just not the way to do it. It’s time to reverse course and adopt smarter, more effective approaches for addressing trade concerns with commercial partners.”
    The Chamber said, “As of this week, approximately $75 billion worth of U.S. exports will be subject to retaliatory tariffs. Escalating tit-for-tat trade actions promise to raise costs on American businesses and consumers, making it harder for families to afford everyday products like toilet paper, condiments, coffee and ballpoint pens, which have been targeted for retaliation.”
   The Chamber said it had released a new analysis showing how much of each state’s exports are threatened by retaliatory tariffs, highlights each state’s hardest hit products and shows the total number of jobs supported by global trade in each state.
   Among the states it says will be hard hit are Alabama, Michigan , Pennsylvania, South Carolina, Texas and Wisconsin.