Business Forward President Jim Doyle released the following statement on General Motors’ announcement that it will idle four U.S. factories and plants:
“GM and every other automaker producing cars and trucks in the U.S. have warned Congress about the impact of President Trump’s trade wars, which raised our cost of doing business and closed foreign markets. Months ago, GM put the cost of Trump’s tariffs at $1 billion and predicted ‘less investment, fewer jobs, and lower wages.’ With so much uncertainty, advanced industries like autos will move capital to markets with lower tariffs and more reliable leadership. And their suppliers will follow them out the door.”
On October 30, Business Forward released a report, Unpacking the Economic Harm of Trump’s Tariffs: Higher Prices, Bad Faith, Litigation, Retaliation, Escalation, and Uncertainty, that explains how the nearly two year old Trump trade war is harming American manufacturers, farmers, ranchers, exporters, and consumers – with an emphasis on damage to the American auto industry, in the form of higher prices, layoffs, and lost growth. In the long-term, Trump’s trade war will cause more companies to shift investments from the U.S. to markets facing fewer tariffs and with more dependable leadership.
ABOUT BUSINESS FORWARD
With the help of more than 60 of America’s most respected companies, Business Forward is making it easier for more than 100,000 business leaders from across America to advise Washington on how to create jobs and accelerate our economy. Business Forward is active in over 125 cities and works with more than 600 mayors, governors, members of Congress, and senior Administration officials.
Business leaders who have participated in our briefings have seen their suggestions implemented in the Affordable Care Act, the JOBS Act, the Clean Power Plan, the Toxic Substances Control Act, three trade agreements, and the President’s budgets. Many have also shared their recommendations with their representatives in Congress and through phone calls, op-eds, and interviews with local media. Ninety-eight out of 100 business leaders who have participated in a Business Forward briefing would be interested in participating in another one.