Americans' Reaction to Trump's Tariffs Vary From Worried to Enthused
President Trump's announcement of sweeping universal and so-called reciprocal tariffs on countries around the world drew a swift rebuke on Wednesday from business groups, trade experts, Democratic lawmakers and many economists who warned that they would raise prices for American consumers and slow economic growth.
'This is catastrophic for American families,' said Matt Priest, president and chief executive of the Footwear Distributors and Retailers of America. 'We had hoped the president would take a more targeted approach, but these broad tariffs will only drive-up costs, reduce product quality and weaken consumer confidence.'
Other reactions were more muted, and some positive, saying the move was long overdue.
'Today is arguably the single greatest trade and economic policy action in the history of the country, and it absolutely cements President Trump's legacy that he is trying to usher in a new golden age of economy production and prosperity,' said Nick Iacovella, executive vice president at the Coalition for a Prosperous America, a group that supports tariffs. He said the tariffs would contribute to 'broadly re-industrializing the United States and creating working class jobs.'
Mr. Trump insisted on Wednesday that experts had been wrong all along about his tariffs and that the anxiety about them now were misplaced. But those who will be forced to pay the tariffs were quick to raise concerns about the move, which will increase import taxes on products from some of America's biggest trading partners including China, the European Union, Japan and India.
The National Retail Federation said in a statement that the tariffs would 'equal more anxiety and uncertainty for American businesses and consumers.' Tariffs are not paid for by foreign countries or suppliers but by U.S. importers, they said. They also added that 'the immediate implementation of these tariffs is a massive undertaking and requires both advance notice and substantial preparation by the millions of U.S. businesses that will be directly impacted.'
The National Association of Manufacturers said it was still parsing the details and exact implications of the president's tariffs. But the group's president, Jay Timmons, said in a statement that the high costs of new tariffs threatened investment, jobs, supply chains and, in turn, America's ability to outcompete other nations and lead as the pre-eminent manufacturing superpower.'
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