In fact, according to US official data, between February 2018 and January 2020, Trumps tariff policy caused a total loss of US $46 billion to us enterprises.
According to the American Chamber of Commerce, 70% of drugs in the United States are produced domestically, while the drugs produced in China are less than 1% of all drugs consumed by Americans.
Protecting the resilience of our supply chain does not necessarily mean bringing all production back to the US, Donohue said.
Looking ahead, we may need to increase domestic production of some industries and key components, but the global supply chain still needs to continue to occupy a large share of the US economy.
Stimulating the return of enterprises is not the solution
They also worry that increasing buy American and the U.S. governments policy of increasing the purchase of domestic drugs and medical equipment may trigger retaliation from other countries and endanger the supply of urgently needed masks and equipment.
Europe is a huge market for US medical device manufacturers. Implementing strict buy American rules could lead to retaliatory buy European rules, which would seriously damage our business and push up our domestic prices, Donohue said.
On Tuesday, Trumps latest statement raised more questions about trade flows, saying the United States should consider ending the trade agreement on live cattle imports, which could jeopardize the new North American trade agreement, which will take effect on July 1.
Source: Financial Association editor in charge: Yang Bin_ NF4368