The National Association of Manufacturers (NAM) chief, Jay Timmons, expresses concerns about the potential impact of tariffs on small manufacturers, urging the Trump administration to adopt a strategic and targeted approach to trade policy. He highlights the benefits of the 2017 Tax Cuts and Jobs Act and emphasizes the need to address concerns over the tariffs imposed on Mexico and Canada, as well as the potential for wider tariffs. He also discusses the importance of a skilled workforce and the evolving nature of manufacturing jobs.
, as well as the potential for sweeping tariffs across the globe as Trump promised on the campaign trail.
“If the Tax Cuts and Jobs Act is not renewed, there’s about 6 million jobs that are going to be lost in the economy,” Timmons warned. “And they’re pretty concerned, because they don’t have a lot of access to capital, they’re kind of operating on the margin, so any increase in cost, it’d really be problematic for them,” he said.
Trump has also spoken about imposing 10% to 20% across-the-board tariffs. Many economists argue that tariffs drive up prices and thus slow growth, while proponents say they are a way to shore up U.S. manufacturing and safeguard supply chains.“I’m not going to sit here and say that we like tariffs. That would not be accurate,” Timmons said.
Trump has also pushed for Congress to pass the Reciprocal Trade Act, which allows the president unilaterally to impose tariffs of equal size of any tariffs placed by other countries on the U.S. Of note, freshman Rep. Riley Moore has already Timmons said 95% of potential customers live outside of the U.S. and that manufacturers want to also sell their goods to them.
TARIFFS MANUFACTURING TRADEPOLICY ECONOMY SKILLEDWORKFORCE
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
New Braunfels Names Arlington Assistant Chief Osbaldo Flores as New Police ChiefNew Braunfels has chosen Osbaldo Flores, the assistant chief in Arlington, Texas, to lead its police department. Flores was selected from a pool of 39 candidates and will replace retiring Chief Keith Lane. City officials highlight Flores' extensive experience, community engagement, and strategic vision for public safety.
Read more »
Glendale Police Chief Chris Briggs Retires After 30-Year CareerGlendale Police Chief Chris Briggs is retiring after a 30-year career in law enforcement. Chief Briggs joined the Glendale Police Department in 1992 and worked his way up to the rank of assistant chief before being appointed interim chief in 2019. His interim appointment became permanent in late 2019. Briggs' last day as chief is February 28th. Assistant Chief Colby Brandt will serve as interim police chief until a permanent replacement is found.
Read more »
Questions about Syria and potential for an ISIS resurgence loom for TrumpAndrea Mitchell is chief Washington correspondent and chief foreign affairs correspondent for NBC News.
Read more »
California Law Requires Baby Food Manufacturers to Publicly Share Heavy Metal Test ResultsA new California law mandates that baby food manufacturers disclose the results of heavy metal testing for their products. Consumers can access these results via QR codes on product labels, promoting transparency and accountability in the baby food industry.
Read more »
Tariffs on Trade Partners Dampen Texas Manufacturers' Hopes for 2025A new survey from the Federal Reserve Bank of Dallas reveals that concerns about tariffs on major U.S. trading partners, particularly Mexico, are overshadowing otherwise positive expectations for Texas manufacturers in 2025. Despite increasing factory activity across the state, plant owners express worry about the impact of President-elect Donald Trump's promised tariffs.
Read more »
Could Il-nam Be The Front Man's Father In Squid Game Season 2?A new theory suggests a surprising connection between two key characters in Squid Game. Viewers are speculating about the relationship between Il-nam and the Front Man based on a milk carton scene in season 2.
Read more »