The Business Roundtable, comprising prominent American business leaders, warned that U.S. President Donald Trump’s newly imposed tariffs could potentially harm the nation’s economy.
On Wednesday, Trump intensified international trade strains by
applying 10% duties on every imported item
, alongside increased tariffs on major trade partners, as reported by
CNBC
.
Joshua Bolten, the CEO of Business Roundtable, stated: “Across-the-board tariffs between 10-50% could potentially inflict significant damage on American manufacturers, workers, families, and exporters.”
This organization includes more than 200 chief executive officers from leading American corporations, with its board consisting of figures such as GM’s head Mary Barra, Apple’s leader Tim Cook, and JPMorgan Chase’s boss Jamie Dimon.
Bolten pointed out that the economic consequences would become more severe the longer the tariffs persist and might escalate due to countermeasures, according to reports.
CNN
.
He stated that the organization is urging the administration and key trade allies to swiftly collaborate on accords aimed at eliminating these tariffs.
“Meanwhile, we urge the administration to provide further appropriate exemptions and create an open, consistent procedure for exclusions,” he stated additionally.
Michelle Korsmo, who serves as the president and CEO of the National Restaurant Association, similarly cautioned that the newly imposed tariffs will increase expenses related to food, drinks, and packaging, ultimately leading to higher costs for restaurant patrons.
She pointed out that this occurs during a notably difficult period for the American restaurant sector, which has experienced a 40% increase in food prices over the last half-decade, as reported.
AP
.
She mentioned that restaurant owners are equally worried about maintaining a consistent supply of fresh, imported ingredients.
“ Restaurant owners try to procure as many local ingredients as possible, however, American farmers and ranchers cannot meet the production levels required to fulfill customer demands,” Korsmo further explained.
On Wednesday, shares, especially those from technology firms,
dropped after Trump announced new tariffs
.
Nasdaq futures dropped 3.3%, and in after-hours trading, around $760 billion was wiped from the market value of the Magnificent Seven tech giants. Apple shares fell by nearly 7%.
The tariff rates announced earlier today significantly surpass initial projections. If these rates are not reduced quickly, the anticipation of an economic downturn in the United States could escalate sharply, according to IG Market Analyst Tony Sycamore, as cited by
Reuters
.
