Washington, D.C. –National Association of Manufacturers (NAM) President and CEO Jay Timmons released the following statement after the announcement of new U.S. tariffs on China and Chinese retaliatory tariffs on the United States:
For too long, China has reaped the rewards of unfair trade practices and intellectual property theft, exploiting loopholes in decades-old agreements. In the absence of a modern, enforceable agreement, China cheats. Manufacturers want to see the administration get China back to the negotiating table as soon as possible in order to pursue a trade agreement that will redefine the U.S–China economic relationship for the better. We now have an unparalleled opportunity to stop these practices at their root, through a strategic approach that includes the negotiation of a fair, bilateral, enforceable, rules-based trade agreement by an administration that champions manufacturing.
Tariffs, though, have not and will not solve the existing problems in China. Tariffs will bring retaliation and possibly more tariffs. No one wins in a trade war, and it is America’s manufacturing workers and working families who will bear the brunt of continued tariffs. Manufacturers in the United States succeed when the rules are clear and fair and markets are open. The United States has China’s attention, and we must seize the moment and soon.
The National Association of Manufacturers (NAM) 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 more than 12 million men and women, contributes $2.25 trillion to the U.S. economy annually, has the largest economic impact of any major sector and accounts for more than three-quarters 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 Manufacturers or to follow us on Shopfloor, Twitter and Facebook, please visit www.nam.org.