Business Forward today released a new 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. The immediate costs are higher prices, layoffs, and lost growth. The long-term costs are likely bigger: global companies, worried about Trump’s trade war, are going to shift investments from the U.S. to markets facing fewer tariffs and with more dependable leadership.
“The Trump trade war is a losing strategy,” said Business Forward President Jim Doyle. “It is leading to higher prices for American producers and consumers, bad faith with our trading partners, and less investment in the U.S.”
The report follows the news last week that Business Forward’s latest steel index shows U.S. steel prices have risen 11 percent since February, while competitors’ prices have fallen 4.8 percent.
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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.