Tariffs are Raising the Cost of Summer Essentials - Time to Cut the Tax on Summertime Fun | U.S. Chamber of Commerce

2022-05-28 06:58:21 By : Ms. Agnes Peng

The Federal Trade Commission’s (FTC) recent actions are alarming and pose a serious threat to our economy.

Summer essentials more expensive than ever? One contributing factor is the record level of tariffs being imposed by the federal government on thousands of items Americans buy every year, including summertime staples.

Fill me in: Summer essentials more expensive than ever? One contributing factor is the record level of tariffs, which is just another word for a tax, being imposed by the federal government on thousands of items Americans buy every year, including summertime staples*: 

A Good Question: “Why do we have tariffs on bicycles or apparel or underwear?” Daleep Singh, the White House’s deputy national security adviser, asked at an event hosted by the Bretton Woods Committee last month. For product categories that lack a strategic or national security angle, “there’s not much of a case for those tariffs being in place,” he said. 

The Good News: With the stroke of a pen, President Biden could eliminate these taxes on our summer fun. 

Bottom line: As inflation continues to chip away at the buying power of American families, lowering or eliminating tariffs on many products will give Americans and businesses more financial flexibility going into the summer months. 

* Source: https://ustr.gov/issue-areas/enforcement/section-301-investigations/tariff-actions