Timmons: As tariffs hit, manufacturers brace for impact

Needless to say, today’s announcement (by President Trump of tariff increases) was complicated, and manufacturers are scrambling to determine the exact implications for their operations.

The stakes for manufacturers could not be higher. Many manufacturers in the United States already operate with thin margins. The high costs of new tariffs threaten investment, jobs, supply chains, and, in turn, America’s ability to outcompete other nations and lead as the pre eminent manufacturing superpower.

Manufacturers build things in America to sell around the world – and manufacturers in America share President Trump’s goal of supporting manufacturing investment, growth and expansion here at home. The president has the opportunity to achieve this vital goal while also minimizing disruptions and cost increases across our industry. To empower manufacturers to drive the US economy, the administration should:

• minimize tariff costs for manufacturers that are investing and expanding in the U.S.
• ensure tariff-free access to critical inputs that manufacturers used to make things in America: and
• secure better terms for manufacturers by negotiating ‘zero-for-zero’ tariffs for American-made products in our trading partners’ markets – that means they don’t charge us and we don’t charge them.

A clear, strategic approach to trade must be part of a comprehensive manufacturing strategy that starts with an urgent appeal to Congress to make the 2017 tax reforms permanent. When these tax were signed into law, it was rocket fuel for manufacturing in America and made the U.S. economy more competitive on a global scale.

Manufacturers will work with the Trump administration and Congress to advance policies that help manufacturers grow and thrive – because when manufacturing wins, America wins.

Editor’s Note: The above op-ed was penned by Jay Timmons, president and CEO of the National Association of Manufacturers.

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