AEM TO FIGHT $50 BILLION OF NEWLY-IMPOSED TARIFFS
Jun. 18, 2018
Rural Lifestyle Dealer reports:
The Assn. of Equipment Manufacturers (AEM) President Dennis Slater issued the following statement expressing disappointment for the Trump Administration's decision to move forward with tariffs on imported goods from China:
"We're extremely disappointed with the Trump administration's decision to move forward with these harmful tariffs. This move jeopardizes many of the 1.3 million good-paying manufacturing jobs our industry supports. The expected retaliatory actions by China also raise costs for equipment manufacturers that rely on a vast supply chain around the world, further eroding the benefits of the recent tax reform. We will continue to fight to end these tariffs immediately."
The Trump Administration is using authorities provided to it under Section 301 of the Trade Expansions Act of 1974 to place tariffs on goods from China, which includes many different types of construction and agricultural equipment.
These tariffs are also being placed on U.S. companies bringing in parts to manufacture equipment using American labor. China has already prepared to respond with counter measures targeting U.S. products including agricultural commodities.
Given depressed U.S. farm incomes, the move is expected to disproportionately hurt America's rural economy.