WASHINGTON – Are tariffs good or bad for manufacturing? The opinions vary as widely as what the manufacturers make to where they obtain the materials to manufacture their projects.
Wednesday, TMA’s Government Relations Committee will be hosting Michael Stumo at TMA’s Schaumburg headquarters, Stumo will discuss how every successful economy that went from poor to wealthy used a system of tariffs, industrial policy, infrastructure development and exchange rates management to get there. He will also discuss the current Trump trade agenda, including future moves and countermoves.
At the same time, Congressman Randy Hultgren (IL-14) is concerned about tariffs and their effect on manufacturing.
“As I have talked with job creators throughout the 14th District this week, they’ve told me how tariffs could harm the future of their businesses and the people who work there. The Administration’s decision to move forward to impose hefty tariffs on imports of steel and aluminum from the European Union, Canada and Mexico is already having harmful effects on the country. Mexico and the European Union have already announced retaliatory tariffs on U.S. goods like produce, meat products and various metal products—many of which are produced in Illinois. Canada has threatened similar action,” Hultgren said in a released statement.
Hultgren says Trump’s escalating trade war will have devastating impacts on American manufacturing and agricultural sectors.
“I have fought hard to ensure that manufacturing businesses and farmers in my district have the ability to expand, produce and compete globally,” Hultgren said. “Free trade has helped my district, Illinois and our country prosper, and protectionist policies like tariffs only increase the cost of products and commodities produced here and lead to the loss of American jobs. At this time of economic growth, the last thing we should be waging is a trade war.”
Do tariffs positively or negatively affect your company’s bottom line?
Join the discussion at TMA 11:30 am Wednesday, June 6, 2018.