A national campaign of more than 150 of America’s largest trade organizations from across retail, tech, manufacturing and agriculture, called President Trump’s tweet announcement of a tariff increase on China a tax on Americans.

“For 10 months, Americans have been paying the full cost of the trade war, not China,” the campaign, Tariffs Hurt the Heartland, said in a media statement. “To be clear, tariffs are taxes that Americans pay, and this sudden increase with little notice will only punish U.S farmers, businesses and consumers.

Trump announced via Twitter on May 3 that tariffs on $200 billion of goods imported from China will increase from 10% to 25% on May 10.

Tariffs Hurt the Heartland went on to say: “Doubling down on taxing Americans as a negotiating tactic only makes a bad situation worse. Taxing Americans when they buy furniture, tools, electronics and groceries should have nothing to do with reaching this agreement. This isn’t leverage to get a better deal, it’s taking money out of the pockets of hard-working Americans.

“If the President follows through on this threat, the consequences will be dire. Raising tariffs to 25% could cost nearly one million American jobs, according to recent estimates. This decision will also roil financial markets and increase the likelihood of retaliation on American farmers who are facing the lowest income levels in years.

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“Republicans and Democrats in Congress need to step up to meet this threat head on. Job-killing tax hikes on their own constituents should be a non-starter, and in the days ahead, lawmakers must act to protect Americans from this threat.”

Source: Tariffs Hurt the Heartland, which is solely responsible for the information provided and is wholly owned by the source. Informa Business Media and all its subsidiaries are not responsible for any of the content contained in this information asset. 

What others are saying:

President Trump credits the tariffs with boosting the economy. Economists, disagree, however. “It’s pretty hard to justify the argument that tariffs have strengthened the economy,” said Dan North, chief economist at Euler Hermes North America. "The economy has done well in spite of the tariffs,” said Michael O. Moore, a professor of economics and international affairs at George Washington University. – NBC News

China is reportedly reconsidering its options as its top trade envoy was set to be in Washington, D.C., this week for what was widely expected to be the closing round of trade talks with the United States – South China Morning News

The Shanghai Composite fell 5.6%, Hong Kong’s Hang Seng fell nearly 3% and the Stoxx Europe 600 index dropped about 1% after President Trump tweeted he planned to raise tariffs on China from 10% to 25% effective May 10. – CNN Business