Washington, DC (March 17, 2023) – On March 15th, the United States International Trade Commission released a report on the economic impacts of the Section 232 and 301 tariffs on U.S. industries. The following statement can be attributed to ACC:
“This week’s USITC report highlighted a fact that was already known by ACC and many of our members, that these tariffs are not impacting the intended target of China but instead hurting American businesses, workers, and consumers. U.S. importers and consumers are bearing the brunt of the tariff costs, paying billions in extra taxes. The business of chemistry is particularly impacted by section 301 tariffs, affecting almost 75% of chemical industry imports, which amounts to nearly $20 billion in imports. It will be important to address the section 232 and 301 tariffs before more harm is done to American industry.”
