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Title: US Business Leaders Raise Alarm Over President Trump’s Tariff Plan
WASHINGTON: Business leaders across the United States have voiced their concerns regarding President Donald Trump’s recent tariff plan. They warn that the extensive new tariffs on imports could lead to increased costs, supply chain disruptions, and detrimental effects on both American companies and consumers.
During a press conference held on the White House lawn, Trump announced a baseline tariff of 10 percent on nearly all countries that trade with the US, set to take effect on April 5. Additionally, from April 9, an extra surcharge will be applied to nations that impose tariffs and other barriers against US companies.
Trade organizations expressed alarm over these tariffs, especially the new duty that would raise tariffs on many goods imported from China to a staggering 34 percent when combined with existing fees.
"The implementation of such significant tariffs will create challenges and disruptions that restaurant owners will have to manage to ensure their businesses remain operational," stated the National Restaurant Association in their press release.
Jay Timmons, president of the National Association of Manufacturers, echoed this sentiment, emphasizing the severe risks manufacturers face. "Many US manufacturers already operate on narrow profit margins," he explained. "The escalating costs tied to these new tariffs pose a threat to investments, jobs, and supply chains, ultimately undermining America’s position as a leading manufacturing power."
In addition to China, other major US trading partners, including the European Union and India, will encounter new tariffs of at least 20 percent starting April 9.
Neil Bradley, chief policy officer of the US Chamber of Commerce, criticized the broad tariffs before they were officially announced, asserting, "These tariffs constitute a tax hike that will inflate prices for American consumers and negatively impact the economy." He urged policymakers to pivot their focus toward programs that promote economic growth, like extending current tax policies and rebalancing regulations.
A recent analysis from Yale University’s Budget Lab revealed that a blanket 20 percent tariff could cost the average American household over $3,400—an alarming adjustment for many.
Gary Shapiro, CEO of the Consumer Technology Association, commented, "President Trump’s extensive tariffs are essentially massive tax increases on everyday Americans that will spur inflation, endanger jobs, and potentially lead to a recession."
While many expressed concern, some advocacy groups welcomed the tariff announcement. "Today’s trade action prioritizes domestic manufacturers and American workers," said Scott Paul, president of the Alliance for American Manufacturing. "These dedicated individuals have endured the consequences of unfair trade practices for far too long. They deserve a fair opportunity," he affirmed, calling the announcement "a crucial step toward reform."
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