Brinegar: Tariffs Will Bring ‘Chilling Economic Impacts’
Kevin Brinegar is the president and CEO of the Indiana Chamber.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndiana Chamber of Commerce President Kevin Brinegar believes the fallout from President Donald Trump’s tariff policies will ultimately lead to lost sales and lost jobs in Indiana. In a statement from the chamber, Brinegar says it’s time to end the measures "before too many people suffer unintended consequences."
Brinegar says the tariffs have put the United States at odds with six of the country’s top seven foreign markets. He says countermeasures from those countries "can quickly turn into what amounts to tax increases on Hoosier consumers and businesses." The chamber has sent letters outlining its view to the members of Indiana’s congressional delegation.
Last month, Ball State University economist Mike Hicks estimated the potential trade war could result in the loss of more than 30,000 Hoosier jobs over the next seven years. He also outlined "very conservative estimates" that the fallout could cut Indiana’s Gross Domestic Product by $668 million next year alone.
Columbus-based Cummins Inc. (NYSE: CMI) Chief Executive Officer Tom Linebarger says the company sold more than 500,000 engines in China in 2016, generating jobs and investment in Indiana. In a recent interview on Inside INdiana Business Television With Gerry Dick, Linebarger said "if it weren’t for our business in China, we’re 5,000 jobs shorter in the U.S."