Democratic state treasurers from five states have warned against President Trump’s trade war with Canada and Mexico, highlighting its detrimental effects on consumers. Key concerns include rising prices and negative impacts on industries crucial to state economies. The treasurers advocate for an immediate end to the tariffs, emphasizing the need for stable trade relationships.
Democratic state treasurers from five states have urged for an immediate cessation of President Trump’s escalating trade conflicts with Canada and Mexico. During a Zoom conference, treasurers from Illinois, Nevada, Colorado, Oregon, and Minnesota’s state auditor highlighted the adverse impact tariffs will have on consumers’ daily lives.
Minnesota’s state auditor, Julie Blaha, emphasized the chaotic nature of the trade wars by likening them to a reckless driver: “The Trump trade wars are like a kid who stole a pickup and is doing donuts on your lawn. Even if he eventually gets that thing turned in the right direction, he still has wrecked your yard by the time he gets out.”
This warning was issued shortly after President Trump announced a partial rollback of the 25% tariff on Mexican goods, granting a one-month exemption for certain goods, as stated on his social media. This exemption, set to last until April 2, pertains to items covered under the U.S.-Mexico-Canada Agreement, which permits tariff-free movement between the countries under specific conditions.
Illinois State Treasurer Michael Frerichs criticized the trade war, describing it as unnecessary and a burden on American citizens. He asserted, “We’re going to see higher prices on a wide range of products: vegetables, meat, cell phones, cars. Those are starters, gasoline as well. All of it is a Trump tax on American workers. If you’re already struggling, this will add to your financial burden.”
Colorado State Treasurer David Young warned of the potential harm tariffs may pose to Colorado’s economy, noting that Mexico and Canada are vital trade partners generating nearly $10 billion. He stated, “A tariff standoff will directly harm Colorado’s cornerstone industries: agriculture, aerospace, and advanced manufacturing.” Young expressed concern over companies potentially shutting down due to loss of markets.
Oregon State Treasurer Elizabeth Steiner echoed similar concerns, citing that China, Mexico, and Canada collectively account for over $15 billion in annual exports from Oregon. She pointed out that rising tariffs could inflate housing construction costs and jeopardize jobs in that industry. Steiner illustrated the unpredictable nature of tariffs, stating, “How are families and businesses supposed to plan if draconian tariffs keep getting announced, then delayed, then reimposed, then delayed? Maybe they’re on some things and maybe not on others.”
The recent call by Democratic state treasurers highlights the significant risks posed by escalating trade tensions initiated by President Trump. The proposed tariffs could lead to higher consumer prices and economic instability across multiple sectors, emphasizing the urgent need for a reevaluation of trade strategies. As the impact unfolds, state officials stress the importance of stable international trade relations for economic health, particularly in states reliant on cross-border commerce.
Original Source: www.usnews.com
