Democratic state treasurers from five states called for an immediate halt to President Trump’s trade war with Canada and Mexico, citing detrimental effects on consumers. Julie Blaha compared the trade wars to reckless behavior, while other treasurers highlighted increased costs and economic uncertainty. Concerns were identified regarding key industries and the broader economic impact of tariffs, alongside calls for more stable trade policies.
Democratic state treasurers from five states have urgently called for the cessation of President Donald Trump’s escalating trade war with Canada and Mexico. They argued that the imposition of tariffs is adversely affecting everyday consumers during a recent Zoom meeting. Julie Blaha, Minnesota’s state auditor, expressed concern, stating, “The Trump trade wars are like a kid who stole a pickup and is doing donuts on your lawn. Even if he eventually gets that thing turned in the right direction, he still has wrecked your yard by the time he gets out.”
This warning follows President Trump’s recent retraction of the 25% tariff on Mexican goods. He announced on social media that most goods would receive an exemption for a month, effective until April 2, under the U.S.-Mexico-Canada Agreement. This agreement permits tariff-free movement of goods produced entirely in North America or significantly altered in North America, where larger products like cars require 75% North American content.
However, uncertainties remain regarding whether goods from Canada will also be subjected to the 25% tariff imposed on Canadian products. Illinois State Treasurer Michael Frerichs deemed the trade war unnecessary, labeling it a Trump tax, and noted that consumers would ultimately bear the financial burden. “We’re going to see higher prices on a wide range of products: vegetables, meat, cell phones, cars… all of it is a Trump tax on American workers,” he stated, emphasizing the increased financial strain it would impose on struggling families.
Colorado State Treasurer David Young cautioned against the tariffs’ harmful effects on the state, highlighting that both Mexico and Canada rank among Colorado’s top trade partners, generating nearly $10 billion. He warned that a continued tariff standoff would negatively impact key industries in Colorado, including agriculture and advanced manufacturing, potentially leading to business closures.
Oregon State Treasurer Elizabeth Steiner articulated the detrimental impact on her state as well, noting that exports to China, Mexico, and Canada contribute over $15 billion annually. She pointed out that the tariffs risk escalating the cost of housing construction and could threaten jobs within the construction sector. Steiner questioned how families and businesses could plan effectively in the face of ill-defined and fluctuating tariff policies, indicating a significant concern for economic stability in Oregon.
In conclusion, state treasurers from Illinois, Nevada, Colorado, Oregon, and Minnesota have raised significant concerns regarding the ramifications of President Trump’s trade war on consumers and state economies. They argue that the impacts of tariffs result in increased prices and economic instability, especially in essential industries. A unified call for an end to these trade conflicts highlights the need for clearer and more stable trade policies. The outcomes of these tariffs could significantly alter the financial landscape for American families and businesses alike.
Original Source: www.usnews.com
