AAR, shippers: Trade war threatens U.S. economy

In an op-ed published today in the Washington Examiner, Association of American Railroads (AAR) President and Chief Executive Officer Edward Hamberger and shipper industry executives issued a strong rebuke of President Donald Trump's trade policies.

Trump's recently announced tariffs on certain foreign goods will hinder global commerce and could reverse economic progress spurred by the president's regulation reforms and tax cuts, wrote Hamberger, American Chemistry Council CEO Cal Dooley and American Petroleum Institute CEO Jack Gerard.

"The president's more recent trade decisions could reverse that tremendous progress, adding hundreds of billions of dollars in potential costs for American businesses — costs that could ultimately be borne by consumers," the CEOs stated.

"America's energy, manufacturing and transportation industries are prime examples of the collateral damage threatened by Trump's steel and aluminum tariffs," they wrote.

In many cases, the specialty steel and aluminum components their industries need are simply not produced in the United States, they said.
 
"Our industries generate growth and savings that directly benefit U.S. households and small businesses. Fortified by free trade and fueled by the American energy revolution, these sectors support millions of jobs in the U.S. and across an array of industries," they wrote. "Tariffs put those benefits at risk."

The column concluded: "It's already clear that this well-intentioned policy will actually make the United States less competitive, undermine this administration's vision of energy dominance and the manufacturing renaissance, and almost certainly destroy many more jobs than it protects."

To read the entire column, click here.