by During a press conference on Wednesday, two members of the San Diego congressional delegation stated that the tariffs imposed by President Donald Trump will not have a significant and positive effect on the typical San Diego household.
Representatives Sara Jacobs and Scott Peters stated that local households could anticipate paying around $2,400 more this year as a result of increased expenses brought on by tariffs imposed on imported items.
According to a news release, the levies have caused businesses and customers to pay more for a variety of goods, including food, cars, building materials, and now school supplies. Not to mention the effects on jobs. According to data from the U.S. Department of Labor, since Trump imposed tariffs in April, 14,000 manufacturing jobs have been lost, they noted.
In summary, tariffs are causing economic turmoil, according to Peters and Jacobs.
According to Peters, we must be crystal transparent about the effects that tariffs have on our economy, consumers, and businesses. Tariffs raise prices for Americans who are already suffering with the cost of living because they are a tax that our businesses must pay. I will continue to oppose President Trump’s damaging tariffs, which are weakening rather than strengthening America.
Peters asked trade and business experts from the San Diego area to speak at the event about how tariffs are impacting the job market, small business expenses, and foreign investments in local companies.
Participating were Brian Miller from Geppettos Toys, Michael Farrington from Corza Medical, Chris Cate from the San Diego Regional Chamber of Commerce, Nikia Clarke from the World Trade Center, and Dan Clark from Dan Clark Audio.
Cate, a former San Diego City Council member, stated that leaders in Washington should defend rather than tax the U.S.-Mexico alliance.
Tariffs are detrimental to our local economy. According to Cate, who is currently the president and CEO of the Chamber of Commerce, they hurt jobs, discourage investment, increase costs for families, and weaken the cross-border economic engine that makes our region a model of binational cooperation and the greatest location to live and work.
The average U.S. tariff rate has increased from about 2 percent to roughly 18 percent, according to Clarke, executive director of World Trade Center San Diego, the international team at the San Diego Regional Economic Development Corp.
Although the Department of the Treasury has benefited from that, according to NPR, businesses are bearing the consequences, Clarke said, even if the government received a windfall of more than $29 billion in customs and excise taxes in July.
Businesses, pricing, and consumers will all be significantly impacted by these increased import levies. She clarified that the new tariff regime’s long-term effects on supply chains and jobs are much more significant. The 95 percent of area exporters that are small enterprises find it more difficult to compete overseas as a result of rising tariffs.
Get neighborhood news in your inbox. It’s free and enlightening.
Become one of the 20,000+ individuals who receive breaking news alerts and the Times of San Diego in their inbox every day at 8 a.m.
Weekly updates from San Diego communities have also been provided! You acknowledge and agree to the terms by clicking “Sign Up.” Choose from the options below.
Trump proposed fresh tariffs on more than 90 nations in early August, including China, Canada, and, crucially for San Diego, Mexico—the country’s top three trading partners. Australia and the United Kingdom are subject to 10% tariffs, while Brazil and India are subject to 50%.
The current tariffs are endangering our entire export industry, according to Clark, the CEO of Dan Clark Audio, a tiny businessman who is happy that his company has always manufactured in San Diego. He claimed that parts are now 50% more expensive than what any other headphone producer would spend for the same part.
We will have to increase our pricing because, as a tiny business, we cannot just absorb the expense of tariffs, Clark added. As a U.S. manufacturer, tariffs might potentially harm our export industry rather than benefit it.
.
