Democratic state treasurers from Illinois, Nevada, Colorado, Oregon, and Minnesota have called for an end to President Trump’s trade war with Canada and Mexico, warning of detrimental impacts on consumers and state economies. Concerns include higher prices on goods and threats to job sectors like agriculture and construction due to tariffs.
Democratic state treasurers from five states have strongly urged President Donald Trump to put an immediate stop to the escalating trade war with Canada and Mexico. During a Zoom call, treasurers from Illinois, Nevada, Colorado, Oregon, and Minnesota’s state auditor expressed concerns that the tariffs would severely impact everyday consumers across the United States.
Julie Blaha, Minnesota’s state auditor, remarked, “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 alarming warning comes shortly after Trump announced a one-month exemption from the 25% tariff on Mexican goods, a temporary measure under the U.S.-Mexico-Canada Agreement.
The U.S.-Mexico-Canada Agreement facilitates tariff-free movement of goods among the three nations, provided they are wholly manufactured or significantly altered within North America. For larger products like cars, at least 75% of their components must originate from North America. However, the inclusion of Canadian goods under this exemption remains uncertain as a 25% tariff has also been imposed on them.
Illinois State Treasurer Michael Frerichs described the trade war as unnecessary and termed it a Trump tax, indicating that American consumers would bear the brunt of the financial implications. He asserted, “We are 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. If you are already struggling, this will add to your financial burden.”
Colorado State Treasurer David Young pointed out that tariffs would harm Colorado’s economy, considering both Mexico and Canada rank as significant trade partners, contributing nearly $10 billion to the state. He stated, “A tariff standoff will directly harm Colorado’s cornerstone industries: agriculture, aerospace, and advanced manufacturing. Without markets to sell to, we can expect companies to shutter.”
Oregon State Treasurer Elizabeth Steiner added that China, Mexico, and Canada account for over $15 billion annually in exports for Oregon. She cautioned that the tariffs could escalate housing construction costs, thereby making homeownership more challenging and jeopardizing jobs in the construction sector. Steiner stated, “In turn, tariff price hikes are likely to make it harder for Oregon businesses to sell products integral to our state economy, such as computer chips and other electronics, agricultural products, machinery, and other equipment. How are families and businesses supposed to plan if draconian tariffs keep getting announced, then delayed, then reimposed, then delayed?”
In summary, the joint statement from the Democratic state treasurers highlights the significant concerns regarding the implications of tariffs on consumers and state economies. They describe the trade war as detrimental to workers, industries, and overall economic stability. As uncertainties continue to persist regarding tariffs, the financial burden on Americans is expected to grow, emphasizing the need for a resolution to avoid further negative repercussions.
Original Source: www.usnews.com
