Industry Leaders Sound Alarm on Trump's Tariffs, Fear Global Trade War
In response to President Trump's latest tariffs on Canada, Mexico, and China, industry leaders and business executives are expressing concern about the potential economic fallout.
Corporate Giants Issue Warnings
Billionaire entrepreneur Mark Cuban and Shopify CEO Tobi Lütke have publicly warned that the tariffs could lead to a global trade war with devastating consequences for American industries. Lütke, whose company is headquartered in Canada, criticized retaliatory tariffs from the Canadian government, arguing that they would not be effective.
Mexican Billionaire Calls for Restraint
Ricardo Salinas Pliego, chairman of the Mexican conglomerate Grupo Elektra, condemned the tariffs but urged Mexico not to retaliate. He warned that such actions could further harm businesses and consumers.
Aluminum and Steel Industry Advocates for Exemptions
The Aluminum Association and United Steelworkers have called for exemptions for Canada from the tariffs on aluminum and steel. They argue that imports from Canada are essential for maintaining jobs and supply chains in the US.
National Manufacturers Fear Supply Chain Disruptions
The National Association of Manufacturers expressed concern that the tariffs on Canada and Mexico could disrupt supply chains and increase manufacturing costs. They warned that this would undermine the competitiveness of US manufacturers in the global market.
Homebuilders Brace for Higher Prices
The National Association of Home Builders warned that the tariffs could increase the cost of lumber and gypsum, leading to higher home prices. They urged the administration to reconsider the tariffs.
Retailers and Spirits Industry Call for Negotiation
The National Retail Federation and the Distilled Spirits Council of the US, along with its counterparts in Mexico and Canada, called for continued negotiations to avoid retaliatory tariffs. They stressed the importance of maintaining fair trade conditions and preventing economic harm.
Automotive Industry Opposes Tariffs on USMCA-Certified Goods
The American Automotive Policy Council argued that vehicles and parts meeting the requirements of the USMCA trade agreement should not be subject to increased tariffs. They warned that such measures would undermine the competitiveness of US automakers and investment in the American workforce.
Canadian Chamber of Commerce Decries "Self-Defeating" Policy
Candace Laing, president and CEO of the Canadian Chamber of Commerce, condemned the tariffs as "self-defeating" and "profoundly disturbing." She emphasized the deep integration of supply chains and urged for strengthening trade ties rather than disrupting them.
Energy Industry Calls for Exemptions
The American Petroleum Institute called for full exemptions from the tariffs for Canadian crude oil, which is essential for US consumers. They highlighted the interconnected nature of energy markets and the importance of protecting energy affordability.
United Auto Workers Support Tariffs as a First Step
Shawn Fain, president of the United Auto Workers Union, supported the tariffs as a necessary first step to protect American manufacturing jobs. He called for further action to renegotiate trade deals that have harmed workers in the past.