The U.S. Chamber of Commerce raised concerns about the recession on Wednesday asking the Trump administration to exempt tariffs on certain businesses and products.
“This Chamber of Commerce hears every day from small business owners who see their capabilities at risk due to recent increases in tariff charges,” said Suzanne Clark, president and CEO of the Chamber of Commerce. Addressed letter Treasury Secretary of Treasury Scott Bescent, Commerce Secretary of Commerce Howard Lutnick, and US Trade Representative Jamieson Greer.
“The Chamber of Commerce calls for the administration to take immediate action to save American small businesses and avoid a recession,” she added.
In the letter, Clark called for small businesses importing to “automatically exclude” recent tariffs. Clark also said, “We have sought a customs exemption from customs duties on all products that cannot be produced in the United States or are not readily available from domestic sources.
Tariff policies in the first months of President Trump's inauguration rattle markets around the world, robbing rising economic uncertainty and tense relations with longtime American allies like Canada and the European Union.
“The Chamber of Commerce shares President Trump's goals to expand America's production, create new jobs and expand the economy,” Clark said in a letter.
“To these ends, we look forward to working with the administration to advance growth-enhancing policies, including permanent extensions to tax cuts and employment laws, deregulation, permitting reforms, and expanding US energy production,” she added.
American Automaker General Motors (GM) said Thursday that Trump's tariffs could cut $5 billion from this year's profits.
In a letter to investors, GM CEO and Chairman Mary Bala said that, taking into account “the positive impact of this week's administration's lawsuit, the $100 billion and $12.5 billion in profits and taxes this year are expected to be expected to lose between $4 billion and $5 billion from the president's tariffs.
Hill reached out to the Treasury Department, the Commerce Department, the office of the US Trade Representative and the White House for comments.
