Mike Segar/Reuters
- The Trump administration has doubled down on plans to escalate its trade dispute China next week.
- Many factories have warned that new tariffs on Chinese imports would add to challenges in a sector that has already been slowing.
- Here’s what they told the Trump administration, according to US Trade Representative transcripts.
- Visit Markets Insider for more stories.
The Trump administration has doubled down on plans to escalate its trade dispute China next week, a move manufacturers warned would add to challenges in a sector that has already slowed.
Testifying before US trade officials in June, dozens of factory representatives warned the proposed $300 billion worth of import taxes would increase costs for Americans and put domestic jobs at risk. Nearly half of those are scheduled to take effect September 1, while the rest are delayed until December 15.
The hearings lasted seven days, with witnesses allowed to speak for five minutes each. Here’s what they told the Trump administration, according to US Trade Representative transcripts.
REUTERS/Brian Snyder
These tariffs will continue to do irreparable harm to our small business. The Section 301 tariffs from List One and Three have resulted in an unexpected cost of over $600,000, which is significant for a small business like ours. We have determined that an additional cost of the List Four tariffs on our business would be almost $1 million. –Teresa Hack, Channel Products
Imposition of these duties will make the problem of intellectual property theft by China worse, not better. – Ray Sharrah, Streamlight Inc.
These proposed actions would assist in eliminating China’s unfair acts, policies, and practices. And they would not cause disproportion economic harm to U.S. interests, including small or medium sized businesses and consumers. – Mike Branson, Rheem Manufacturers Company
In assembling in the United States, we are striving to achieve the Administration’s goal of shifting production out of China. However a tariff on this component will significantly restrict our ability to do so efficiently and economically. – Jennifer Dolin, Ledvance LLC
REUTERS/Carlos Barria
We support holding US trading partners accountable, and using targeted trade remedies against intellectual property theft, illegal dumping, or subsidies and other proven trade violations consistent with international rules. We also strongly believe that the newly proposed List Four tariffs will only harm US economic interests. – Kerry Stackpole, Plumbing Manufacturers International
The tariffs would deprive many people access to these critical products. This is particularly true as we approach the hurricane season where portable lights are routinely called upon in lifesaving situations. – Thomas Beckett, Portable Lights American Trade Organization
PESA believes that some of the proposed tariffs will not be successful in the USTR’s states goal of combating China’s unfair trade practices. And instead could unintentionally harm the energy manufacturing and service sectors, areas where the US currently enjoys worldwide dominance. – Tim Tarpley, Petroleum Equipment & Services
As the Committee recognized then, rather than addressing China’s egregious violations of intellectual property and forced technology transfers, imposing these tariffs on high-cost, low-tech pieces of equipment would in fact damage important strategic objectives of modernizing important U.S. infrastructure and put the economic health of our communities, the Commonwealth of Virginia and our country in jeopardy. – John Reinhart, Virginia Port Authority
Bill Pugliano/Getty Images
The application of the tariffs is effectively a tax on infrastructure that will negatively affect not just our port, but multiple US ports, damaging an important strategic objective of the US of modernizing seaports and improving US infrastructure and will cause disproportional economic harm to US interests by putting the economic health of our nation’s ports in jeopardy. – Glenn Wiltshire, Broward County Port Everglades Department
We have seen that these tariffs are adversely impacting American jobs. One of our members canceled the planned addition of 100 US jobs and some of our members have been forced to shift manufacturing out of the United States, which is contrary to the administration’s goals. – Jennifer Cleary, Association of Home Appliance Manufacturers
So, outcomes: lost jobs; direct investment by Chinese companies, Loftex and others. In our case, lost jobs estimate, 25 percent, maybe $600,000 in local jobs. Depending on the timeframe, it could be longer; it could be more. If the tariffs last longer, the impact on jobs goes up. – Charles Gaenslen, Loftex Home
By finally addressing China’s massive illegal trade activity in the textile sector, the Trump Administration could help direct new investment, production, and employment through the US-Western Hemisphere textile and apparel production chain. – Daniel Nation, Parkdale Mills
See the rest of the story at Business Insider
See Also:
- Federal agents can search your phone at the US border, even if you’re a US citizen. Here’s how to protect your personal information.
- The stocks most dependent on China are doing great despite the worsening trade war. Here’s why that could continue even as tariffs rise.
- Investors have been plowing money into bitcoin since the start of the US-China trade war
Source: Business Insider – gheeb@businessinsider.com (Gina Heeb)