Washington, D.C. — Yesterday, the Precious Metals Association of North America (PMANA) released a statement on President Trump’s plan to raise tariffs on $200 billion of imports from 10 to 25 percent in the coming days:
The PMANA is deeply concerned with the President’s tweets indicating a tariff increase on imports and raw materials critical to our domestic supply chain.
We fully support the President in his mission to hold China accountable for their many unfair trade practices – including the rampant production of counterfeit precious metals bars, coins, and jewelry. However, placing a tax on domestic refiners and manufacturers is counterproductive to accomplishing this goal.
Tariffs are not paid by China. They are taxes paid by American families and businesses. Placing an additional tax on hard-working Americans in the precious metals industry will put thousands of jobs at-risk and weaken our domestic supply chain.
We urge Members of Congress to call on the President to carefully reconsider his plan, and that they work expeditiously to safeguard American families and businesses from any future tariff increase.
Press release courtesy of the Precious Metals Association of North America.