US industry groups are to launch a coalition on Wednesday, September 12th, in a bid to fight publicly against president Trump’s tariffs policy, as analysts say that American firms will also be affected.
According to Reuters, the move of the group, Americans for Free Trade, comes after Trump has opted to implement billions of dollars worth of tariffs in an effort to use them to obtain concessions or in the belief they will create US jobs.
“A lot of other interest groups thought they wouldn’t go this long or go this deep, but the layering effect (of tariffs) has finally gotten everyone to say: ‘Enough is enough,’” said Nicole Vasilaros, the top lobbyist for the National Marine Manufacturers Association, whose members are considering firing workers after seeing costs increase as much as 35%.
Trump has imposed 25% tariffs on $50 billion worth of Chinese goods, mainly industrial machinery and intermediate electronics parts such as semiconductors.
An expected $200 billion list would extend further into consumer goods, and the threat of an additional $267 billion would basically cover every Chinese export to the United States. China has threatened retaliatory measures, which could include action against US companies operating there.
Washington has urged Beijing to better protect American intellectual property, cut its US trade surplus, permit US companies greater access to its markets and roll back its high-technology industrial subsidy programs.
The business coalition includes groups representing some of the nation’s largest companies. Among them, the American Petroleum Institute, which represents the largest refiners like Exxon Mobil Corp and Chevron Corp, and the Retail Industry Leaders Association, which represents companies such as Target Corp and Autozone Inc.