WASHINGTON, D.C., (February 14, 2020) – Last month, President Trump signed a Phase One Deal with China in order to reduce tariffs and relieve some of the burden caused by the trade war. As tariff reductions on List 4A and $75 billion worth of U.S. products go into effect today, spokesperson for Americans for Free Trade Jonathan Gold released the following statement.
“It’s encouraging to see some of the Phase One Deal come to fruition. American businesses, farmers, consumers, and workers certainly need these reductions, as they have been paying the price for these tariffs since the trade war began. While this progress is a good first step, the administration must negotiate a Phase Two Deal that completely lifts all tariffs.”
Despite tariff reductions, thousands of American companies are paying a higher price for goods integral to their business. (Leticia Miranda, “Amid opaque tariff process, questions arise as to why some companies receive exemptions,” NBC News, 2/13/20)
New data shows the US government has continued to collect tens of billions of dollars in additional tariffs, despite a recent agreement to ease tit-for-tat trade tensions with China. (Gina Heeb, “The government has collected an extra $50 billion in tariffs since the start of the China trade war, according to new data,” Business Insider, 2/10/20)
Small business owner: “Like other companies facing tariffs, we had to increase our prices to cover these extra taxes.” (Jeff Greenstein, “The trade war with China has hurt my small business in Massachusetts,” The Boston Globe, 2/10/20)