US businesses to lobby against Trump's tariffs

By MarketsFOXBusiness

Businesses take on Trump over tariffs

Halo Investing’s Jason Barsema on businesses lobbying against President Trump’s tariffs.

A series of companies want President Trump to know that tariffs are hurting U.S. industries.

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On Wednesday, organizations representing companies in industries including retailing, toy manufacturing, farming and technology plan to announce they are cooperating on a lobbying campaign called Tariffs Hurt the Heartland to oppose tariffs on imports, according to Dow Jones Newswires.

Businesses are ratcheting up lobbying against tariffs that the Trump administration has imposed, or is considering.

As of June 30, nearly 450 entities employed lobbyists on trade issues -- up from about 160 at the start of the year and about 100 when Trump took office, according to lobbying-disclosure reports compiled by the nonprofit Center for Responsive Politics.

Some businesses are concerned about rising costs of imported materials; others, particularly farmers, about retaliatory tariffs imposed by China and Europe on U.S. exports.  Car manufacturers, auto dealers and vehicle parts makers together plan to run a campaign opposing new tariffs on the industry.

Last week, the trade association for retailers including Target and Walmart  brought 150 small retailers to meetings with lawmakers to talk about how tariffs could hurt their businesses.  There are industries that support Trump’s tariffs, such as the National Cattlemen's Beef Association.

Domestic steel companies support the tariffs on foreign steel, which have boosted prices and profits.