We appreciate President Trump’s statement yesterday that he is NOT planning on deferring the collection of tariffs. We can no longer listen to the advice of the stateless multinationals.
American companies, including CPA members, are suffering from a crash in demand. This is not a recession caused by lack of cheap goods. It is caused by COVID-19 and a crash in employment.
Incentivizing imports would kill many US jobs that remain. Textile manufacturers, for example, have seen demand go away. Nobody is buying underwear and shirts. Textiles have an average of 14% MFN tariffs, up to as much as 33%. Bangladesh, Vietnam and China are producing and stockpiling unsold products that will be dumped here. Textile manufacturers are helping the country with face mask production and will be doing more.
Getting people back to work will be the key to recovery. Killing US jobs with import incentives will compound the problem, sending meager demand to overseas companies.
We stand by President Trump’s decision to stay strong on continuing all tariffs now in place.
