Business, Freight News

AAFA Deems New Tariffs Catastrophic for US Economy

[ May 15, 2019   //   ]

The American Apparel & Footwear Association is severely disappointed by the Trump administration’s decision to propose further tariffs on approximately $300 billion worth of U.S. imports, including clothing, shoes, and other textiles from China today.

“This is a self-inflicted wound that will be catastrophic for the nation’s economy,” said Rick Helfenbein, president and CEO of the American Apparel & Footwear Association. “By tightening the noose and pulling more consumer items into the trade war, the President has shown that he is not concerned with raising taxes on American families, or threatening millions of American jobs that are dependent on global value chains. As AAFA has continually stated, tariffs are taxes on American consumers that result in higher prices, lower sales, and lost jobs. While the Administration is in ‘no rush’ to get a deal with China, it is apparently in a hurry to impose new taxes on the American consumer.”

The American Apparel & Footwear Association estimates that a family of four will be charged an additional $500 per year to cover these tariffs on clothing, shoes, travel goods, and related items. The Tariffs Hurt the Heartland campaign estimates that the average family will be hit with an additional $2,300 per year to cover all of the Administration’s tariffs.