AEM: TRADE WAR WITH CHINA BAD FOR BUSINESS, RISKS U.S. JOBS
Association of Equipment Manufacturers (AEM) President Dennis Slater issued the following statement expressing disappointment with the Trump Administration’s decision to move forward with the majority of $50 billion in tariffs on imported goods from China:
“AEM and its 1,000 member companies are extremely disappointed with the Trump administration’s decision to move forward with the majority of the $50 billion in proposed tariffs. These tariffs target the vital parts and components used in equipment manufacturing throughout the U.S. They will also drive up the cost of manufacturing in the U.S. and risk many of the 1.3 million good-paying manufacturing jobs our industry supports. Combining this with China’s promise to retaliate against U.S. products and agricultural commodities only further erodes the benefits of last year’s tax reform, hurting the entire U.S. economy. While the President is right to address China’s intellectual property theft and unfair trade policies, taxing American citizens won’t fix the problem.”
Starting tomorrow, the U.S. Customs and Border Protection will collect duties on about $34 billion worth of goods, the same ones outlined in a published list on April 6. The additional $16 billion worth will undergo further review in a public notice and comment process, including a public hearing.
AEM is the North American-based international trade group representing off-road equipment manufacturers and suppliers, with more than 1,000 companies and more than 200 product lines in the agriculture and construction-related industry sectors worldwide. The equipment manufacturing industry in the United States supports 1.3 million jobs and contributes roughly $159 billion to the economy every year.