Bill > AR200

This resolution strongly opposes President Donald J. Trump's tariff policies on imported products, specifically targeting his implementation of a 25 percent tariff on steel and aluminum imports, a 25 percent tariff on cars and auto parts, and a 10 percent universal import duty on all products. The resolution highlights that these tariffs, which function as taxes on imports, are economically harmful because economists agree they are ultimately passed on to consumers and businesses through higher prices. Drawing on a National Bureau of Economic Research study, the resolution notes that such tariffs lead to increased good prices, supply chain disruptions, and reduced availability of imported goods. The resolution emphasizes that New Jersey, with its diverse economy and busy container port, is particularly vulnerable to these trade disruptions, and argues that these tariff policies threaten to increase living costs, raise business operating expenses, potentially reduce employment opportunities, and diminish the state's overall economic output. Contextually, the resolution references the long-standing General Agreement on Tariffs and Trade (GATT) principles, which have sought to reduce trade barriers, and ultimately calls for transmitting the resolution to federal officials, including the President, Vice President, and U.S. Trade Representative.

Government Affairs

https://www.njleg.state.nj.us/bill-search/2024/AR200