Congressional Republicans and other conservative groups are worried since the decision made by Trump to impose hefty tariffs on imports, which will affect the consumers and the economy at large. This can result in a revolt by most trading platforms who will be affected by the Trump’s decision.
The GOP saw Trump’s first move, on Monday, when the President imposed significant tariffs on imports including solar panels and washing machines. This move from the White House on tariffs came during the Senate Republican lunch in the Capitol yesterday. The response raised major concerns among the GOP leaders, where they expressed worry. Senator Lindsey Graham stated “It’s a delicate balance between trying to get people to play by the rules and not hurting our own economy. Tariffs are things that, once you start, the other side can do it, too.”
He is worried that large enterprises and multinational might face difficulties in installing a new plant now. One such example is of Samsung Group, where the South Korean company is looking to add a new plant to build washers in Newberry, S.C.
While GOP raised concerns about the decision made by Trump, the President was confident and defended the decision he made on the tariffs. He made a statement during a signing ceremony, which states that the decision will directly benefit the customers while creating a lot of new jobs in the country.
“Our action today helps to create jobs in America for Americans. It will provide a strong incentive for LG and Samsung to follow through on their recent promises to build major manufacturing plants for washing machines right here in the United States,” he added. The comment was made referring two companies who import washers and other related appliances.
One of the organizations is Whirlpool Corporation, whose Chairman welcomed the decision made by Trump on tariffs. Jeff Fettig believes that the decision will result in a lot of new jobs. He continued, “This is a victory for American workers and consumers alike. By enforcing our existing trade laws, President Trump has ensured American workers will compete on a level playing field with their foreign counterparts, enabled new manufacturing jobs here in America and will usher in a new era of innovation for consumers everywhere.”
As reported by the analysts, this is the most major trade move coming from the White House since Trump decided to pull out of the Trans-Pacific Partnership (TTP) a while ago.
