RILA warns of ‘three-front trade war’
The Retail Industry Leaders Association voiced its opposition to the White House announcement on the Thursday that it will impose new steel and aluminum tariffs on imports from the European Union, in addition to Canada and Mexico.
"Today's White House announcement to unilaterally impose new tariffs on steel and aluminum imports from the European Union, Canada, and Mexico will have a negative impact on every sector of the American economy,” said Hun Quach, VP of international trade, RILA. “The downstream impact of these tariffs will raise the cost of doing business for thousands of American companies, including retailers, and will stifle efforts to expand and create jobs.”
Quach said that imposing tariffs raises the stakes for U.S. allies to take retaliatory measures that will hurt the nation’s exporters while creating more uncertainty for American businesses.
“The administration has created a three-front trade war, targeting NAFTA, China, and now the European Union, with no resolution to any of these disputes in sight," Quach said.
"Today's White House announcement to unilaterally impose new tariffs on steel and aluminum imports from the European Union, Canada, and Mexico will have a negative impact on every sector of the American economy,” said Hun Quach, VP of international trade, RILA. “The downstream impact of these tariffs will raise the cost of doing business for thousands of American companies, including retailers, and will stifle efforts to expand and create jobs.”
Quach said that imposing tariffs raises the stakes for U.S. allies to take retaliatory measures that will hurt the nation’s exporters while creating more uncertainty for American businesses.
“The administration has created a three-front trade war, targeting NAFTA, China, and now the European Union, with no resolution to any of these disputes in sight," Quach said.