Latest communiqués from Trump’s (trade) war front
Friday headlines summed up the latest trade war news: “President Donald Trump officially announced tariffs on $50 billion worth of Chinese goods Friday.”
“Trump said more tariffs on Chinese goods could come if the Chinese government retaliates.”
“Analysts warn that the move could kick off a full-blown trade war with China.”
Here’s some of what trade groups said this week before and after the most recent shots were fired.
Associated General Contractors of America:
“Construction costs accelerated again in May, with steep increases for a wide range of building and road materials, including many that are subject to tariffs that could drive prices still higher, according to an analysis by the Associated General Contractors of America of new Labor Department data. Association officials say that the construction industry will bear a heavy share of the tariffs’ costs.”
Randy Noel, chairman of the National Association of Home Builders and a custom homebuilder from LaPlace, Louisiana, urging the Trump administration to restart lumber trade talks with Canada:
“More than 170 lawmakers sent a letter on Tuesday to the Trump administration that calls on the U.S. to resume talks with Canada to negotiate a new softwood lumber trade agreement. NAHB applauds these members of Congress from both sides of the political aisle for taking a stand for homeownership.
“The current situation is clearly unacceptable. Tariffs averaging more than 20 percent on Canadian softwood lumber shipments into the U.S. are contributing to rising market volatility and record-high lumber prices that are making it harder for millions of Americans to afford a home.”
Thomas J. Donohue, president, U.S. Chamber:
“If these actions continue, our businesses will lose customers, workers will lose jobs, and American consumers will lose family income through higher taxes and higher prices.
“Studies show that a combined 760,000 jobs could be lost from the tariffs already enacted as well as those being considered on autos and auto parts. And if the administration carries out its threat to withdraw from NAFTA, an additional 1.8 million U.S. jobs could be lost in the first year alone.”
Representing those who get income from land by farming it, Dean Adkins of KMA-AM Radio in Shenandoah, Iowa, compiled these statements from commodity groups:
• Jimmie Musick, a wheat farmer from Sentinel, Oklahoma, and president of the National Association of Wheat Growers:
“America’s wheat farmers are experiencing continued drought, historically low commodity prices, and trade uncertainty. Adding a 25 percent tariff on exports to China for U.S. wheat is the last thing we need during some of the worst economic times in farm country.”
• Davie Stephens, a Kentucky soybean grower and vice president of the American Soybean Association:
“Crop prices have dropped 40 percent in just the last five years, and farm income is down 50 percent compared to 2013. A recent study by Purdue University economists predicts that soybean exports to China could drop by a whopping 65 percent if China imposes a 25 percent tariff on U.S. soybeans. As a soy grower, I depend on trade with China — China imports roughly 60 percent of total U.S. soybean exports, representing nearly one in three rows of harvested soybeans.”
• Dennis Slater, president, Association of Equipment Manufacturers:
“On behalf of the
1.3 million equipment manufacturing workers our industry represents, we urge the Trump Administration to refrain from putting in place economically damaging tariffs. We strongly oppose a trade war with China because no one ever wins in these tit-for-tat disputes. As we have said repeatedly, tariffs are taxes on American consumers and will put good-paying U.S. manufacturing jobs at risk.”