In recent days, 150 U.S. industry organizations representing agricultural, manufacturing, retail and technology enterprises have formed a nationwide lobbying campaign called Tariff Injury Centers. This letter from more than 600 companies is also part of this campaign.
A hearing on tariff increases on 300 billion Chinese imports to the United States will begin next week. According to professional advisory bodies, if the increase is implemented, more than 2 million jobs will be lost in the United States. Tariffs will also increase the financial burden of ordinary American households. For a family of four, for example, annual expenditure may increase by more than $2,000, which will also reduce the GDP of the United States by 1%.