WASHINGTON, D.C. – The United States Hispanic Chamber of Commerce (USHCC) firmly opposes the Administration’s announcement of imposing tariffs on goods from Mexico. The proposed tariffs on Mexican imports on June 10th starting at 5% and working up to 25% by October will harm American companies and consumers and have a devastating impact on trade relations.
“There is no question about it, tariffs hurt business. They raise costs on American businesses and consumers, and strain our relationship with our nation’s closest allies,” said USHCC President & CEO Ramiro Cavazos. “We regret to see the threat of tariffs being used as a means to address the flow of migrants at our nation’s southern border, and urge members of Congress and the Administration to work towards a comprehensive, bipartisan solution to address the root causes of this humanitarian crisis.”
According to an analysis conducted by the U.S. Department of Commerce, a 5% tariff on imported goods from Mexico will result in a potential tax increase of $17 billion for American businesses and consumers. If a 25% tariff is implemented, that number would reach a staggering $86 billion in additional taxes on American businesses and consumers. Three of the most impacted states by these tariffs (Texas, California, Arizona) have some of the highest populations of Latinos in the United States. There is serious concern that the Hispanic business owners and consumers that the USHCC represents in these states are expected to bear the brunt of the impact of the proposed tariffs.
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About the USHCC
The USHCC actively promotes the economic growth, development, and interests of more than 4.37 million Hispanic-owned businesses, that combined, contribute over $700 billion to the American economy every year. It also advocates on behalf of 260 major American corporations and serves as the umbrella organization for more than 200 local chambers and business associations nationwide. For more information, please visit ushcc.com. Follow us on Twitter @USHCC.