Democratic state treasurers from Illinois, Nevada, Colorado, Oregon, and Minnesota are urging President Trump to halt his trade war with Canada and Mexico. They warn of negative impacts on consumers and industries, predicting increased prices and significant economic consequences. The treasurers emphasize the necessity of stable trade relationships to protect jobs and reduce financial burdens on American families.
Democratic state treasurers from Illinois, Nevada, Colorado, Oregon, and Minnesota have called for an immediate cessation of President Donald Trump’s escalating trade war with Canada and Mexico. During a recent Zoom call, they expressed concerns that tariffs would significantly impact everyday consumers.
Minnesota’s state auditor, Julie Blaha, likened the trade war to a reckless child damaging property, stating, “The Trump trade wars are like a kid who stole a pickup and is doing donuts on your lawn.” She indicated the damage would remain regardless of the eventual direction taken.
This warning arrives following Trump’s announcement to retract a 25% tariff on Mexican goods, replacing it with a temporary exemption valid until April 2 for items included under the U.S.-Mexico-Canada Agreement. This agreement permits tariff-free movement of goods produced or significantly modified in North America.
Unsure whether Canadian goods will also face the 25% tariff, Illinois State Treasurer Michael Frerichs decried the trade war as unnecessary. He termed it a “Trump tax,” predicting that consumers would experience heightened prices across various essential goods due to this policy.
Colorado State Treasurer David Young emphasized the adverse effect of tariffs on his state’s economy, citing that Mexico and Canada are vital trade partners worth almost $10 billion. He warned a tariff standoff could harm crucial sectors in Colorado, including agriculture and aerospace, potentially leading to company closures.
Oregon State Treasurer Elizabeth Steiner echoed similar concerns, noting that exports to China, Mexico, and Canada contribute over $15 billion annually. She articulated that tariffs could exacerbate housing costs, making home ownership difficult and threatening construction jobs. Steiner raised questions regarding the unpredictability of tariffs, stating, “How are families and businesses supposed to plan if draconian tariffs keep getting announced, then delayed, then reimposed, then delayed?”
In conclusion, state treasurers from five Democratic-led states are raising alarms about the potential damaging effects of President Trump’s trade war on consumers and various industries. They advocate for the immediate cessation of tariffs, expressing concerns about rising prices on everyday products and the detrimental impact on trade relationships with Canada and Mexico. The treasurers highlight the financial burden that these policies impose on American workers and businesses, urging a re-evaluation of trade strategies to prevent further economic harm.
Original Source: www.usnews.com
