ICYMI: NAM’s Jay Timmons Discusses Tariffs, Tax Reform, Regulations on CBS News
Watch Jay Timmons on “CBS News”
Timmons on Tariffs, Manufacturers’ Trade Priorities
“We’re always happy when there’s a public official who wants to support manufacturing. So, tax policy, regulatory policy, all that’s important, but we also need to have certainty and predictability when it comes to our exports and our imports.”
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“Here’s what we hope comes out of these discussions, we want to see more agreements for products and from countries that are willing to give us zero tariffs in exchange for zero tariffs from us. For instance, we want to make sure that we’re able to pull aside a lot of those critical inputs that are necessary for manufacturers that we don’t make here. So, think of critical minerals that are mined only in certain places in the world, and that we can’t do here because we don’t have the mines open. Think about machines that are important for the shop floor. Think about chemicals that we don’t make here because of our regulations. Those are really important. And then lastly, we want to make sure there’s some sort of an incentive for folks who are investing here in America, an incentive that will offset the cost of whatever tariffs are implemented.”
Timmons on Tax Reform, Rebalancing Regulations, Trade Deals
“If a business is going to make decisions about long term investments and hiring, they have to know what the costs are going to be. So we’re debating right now the extension of the 2017 tax reforms in Congress. So that’s uncertain, the path forward. The good news, I think, for manufacturers on the regulatory front is the administration has really taken a very thoughtful approach to rebalancing regulations. On the trade front, we don’t really know what the cost of these tariffs are going to be. We’re very hopeful that the President is going to get these deals that he’s talked about with 90 nations negotiated within the next 90 days. That’s a big order, but, if he can accomplish that and he can provide the certainty, that will give manufacturers a little bit of breathing room.”
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The National Association of Manufacturers is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs nearly 13 million men and women, contributes $2.93 trillion to the U.S. economy annually and accounts for 53% of private-sector research and development. The NAM is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the NAM or to follow us on Twitter and Facebook, please visit www.nam.org.