Bryan Riley, Director of National Taxpayers Union’s Free Trade Initiative, released the following statement in response to proposed 50% tariffs on imports from the European Union (EU) and 25% tariffs on iPhones.
“The EU is our largest trading partner. The Penn Wharton Tariff Simulator projects that a 50% tariff on all imports from the EU would cost $1.266 trillion over the next 10 years, the equivalent of nearly $9,500 per household. This tax increase would nullify many of the potential benefits of the ‘One Big Beautiful Bill’ that just passed by the House of Representatives, as would a new 25% tax on iPhones that are assembled in other countries.
“NTU encourages Congress and the Administration to enact the ‘One Big Beautiful Bill’ and strengthen its provisions that encourage the expansion of manufacturing in the United States. Rather than imposing costly new tariffs, the United States should expand on the EU’s proposal to remove all industrial tariffs on a reciprocal basis and should remove U.S. tariffs on inputs that increase the cost of producing goods domestically.
“Threatening new tariffs on Americans who buy goods from U.S. allies and on products made by our largest and most successful companies will not grow the U.S. economy.”