Last week President Trump celebrated the six month anniversary of the Tax Cuts and Jobs Act:
[I]t’s my great honor to welcome you back to the White House to celebrate six months of new jobs, bigger paychecks, and keeping more of your hard-earned money where it belongs, in your pocket or wherever else you want to spend it.”
In response to new taxes on $34 billion in imports from China, Bryan Riley, Director of NTU’s Free Trade Initiative, commented:
We urge President Trump to keep fighting to let Americans to keep more of our hard-earned money where it belongs: in our pockets. New import taxes erode the benefits of this year’s tax cuts.”
The Federal Reserve Bank’s Federal Open Market Committee recently published minutes from its June meeting showing concern about the impact of trade policy on U.S. economic growth:
“Conditions in both the manufacturing and service sectors in several [Federal Reserve] Districts were reportedly strong and were seen as contributing to solid investment gains. However, many District contacts expressed concern about the possible adverse effects of tariffs and other proposed trade restrictions.”
Riley concluded, “NTU looks forward to continuing to work with the White House and Congress to promote policies that will boost economic growth and benefit the nation’s taxpayers. By cutting taxes for families and removing barriers for businesses, the President is keeping his promise to rebuild the American middle-class. We hope that the Administration will continue to put workers first by pursuing policies that guarantee the benefits of trade for all Americans for generations to come.”