Tonight, President Donald Trump will deliver his State of the Union address to Congress. He will provide updates on the growing economy, criminal justice reform and immigration. Hopefully, the president will also address U.S. trade policy and how we can work with our partners to eliminate tariffs and remove trade barriers.
Here are some important things to know about trade in advance of the president’s likely remarks:
– Tariffs are taxes, plain and simple. Don’t let the fancy name fool you. Tariffs are taxes on American farmers, producers, manufacturers and consumers. They make products more expensive and limit our access to goods.
– Tariffs hurt American producers. In 2016, 97.5 percent of companies that exported goods were small or medium-sized businesses, so they feel the real weight of tariffs. The fewer barriers there are for those small businesses to trade with other companies, the more they can produce and sell.
– Millions of jobs depend on trade. 36 million to be precise. From the food we eat to the buildings we work in to the cars we drive and everything in between, the products we buy and the manufacturers that provide them depend on the ability to trade with other nations.
Congress is working on several pieces of legislation that would give lawmakers a greater voice over tariffs, so there is more oversight and accountability. Hopefully, the president will use his State of the Union to prioritize trade policy that works for American consumers and producers.