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'Tariffs are not the answer': Industry and corporate leaders react to Trump duties on Mexico, Canada and China

Feb 02, 2025
Industry leaders and corporate heads are sharing their thoughts on the tariffs imposed by the Trump administration on imported goods from Canada, Mexico, and China. These tariffs include a 25% duty on imports from Mexico and Canada, as well as a 10% duty on China. Energy resources from Canada will have a lower 10% tariff. Many company heads have expressed concerns that these tariffs could lead to increased prices for consumers. Leaders from various industries, such as homebuilders and auto manufacturers, have highlighted the potential negative impact of these tariffs on their businesses and consumers. The U.S. Chamber of Commerce has stated that these tariffs will raise prices for American families and disrupt supply chains. The United Auto Workers Union supports tariff action to protect American manufacturing jobs but emphasizes the need for fair trade policies. The Alliance for Automotive Innovation is concerned about the impact of tariffs on the auto industry's competitiveness and affordability. The National Association of Manufacturers warns that tariffs could disrupt supply chains and raise costs for small and medium-sized manufacturers. The National Association of Home Builders is worried that tariffs on Canadian and Mexican goods could increase construction costs and discourage new development. The United Steelworkers union calls for systemic reform of the trade system and urges the reversal of tariffs on Canada. The Distilled Spirits Council of the U.S. and other industry associations are working to prevent potential tariffs on imported spirits. Retail industry leaders urge negotiations to avoid tariffs that could harm the U.S. economy. Home furnishings retailers are bracing for price increases as a result of these tariffs. Overall, industry leaders are expressing concern about the potential negative consequences of these tariffs and are calling for negotiations to resolve trade disputes without harming businesses and consumers.

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