A. M. U.S. businessmen and trade associations expressed their concern on wednesday about President Donald Trump’s decision to impose global tariffs. According to the executives, the measure will generate uncertainty and could affect the country’s economy, in addition to provoking retaliation from other nations.
The business meeting, which groups executives of large companies, warned that the tariffs could cause “serious damage” to U.S. production, workers and consumers. The U.S. Chamber of Commerce also warned that price increases will be inevitable and called for prioritizing growth policies instead of restrictive measures.
Also, according to former Treasury Secretary Lawrence Summers, the measure has already caused a US$3 billion drop in the stock market. The tariffs announced include 34% for imports from China, 20% for the European Union, 24% for Japan, 26% for India, 17% for Israel and 10% for most Latin American countries.
From the retail sector, the Asociación Nacional de Fabricantes warned that the tariffs will increase uncertainty for companies and consumers. The Asociación de Distribuidores y Minoristas de Calzado called the measure “catastrophic”, noting that it will affect product quality and reduce consumer confidence.
In the face of widespread rejection, business leaders urged the government to reconsider its trade policy. “Tariffs are not paid by foreign countries, but by U.S. importers”, they emphasized, stressing that the final cost will be borne by consumers.
The new tariff schedule will take effect next saturday, april 5, with base rates of 10%. Additional tariffs per country will begin to be applied as of april 9, which could trigger global trade retaliation.
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