The American Chamber calls for tariff relief to save small businesses
The American Chamber of Commerce is urging the Trump administration to remove tariffs on products imported by small businesses swiftly. It cautions that without prompt action, many enterprises may not endure, and the impact on the US economy could be irreversible, reports CNBC.
The American Chamber of Commerce has appealed to Donald Trump's administration for the immediate implementation of tariff exclusion processes. The aim is to safeguard the US economy from recession and to prevent "irreversible damage" to small businesses.
In a letter first reported by CNBC, the lobbying organisation urged key trade officials of Trump to automatically remove tariffs on all products imported by small businesses and those that "cannot be produced in the US" or are unavailable in the domestic market.
"Tariffs are a risk to employment"
A letter signed by the Chamber's CEO, Suzanne Clark, also includes a request to establish a process that allows companies to swiftly obtain tariff exclusions if they can demonstrate that import tariffs pose a significant risk to employment in the US.
"We are deeply concerned that even if it only takes weeks or months to reach agreements, many small businesses will suffer irreparable harm," wrote Clark in the letter sent Wednesday at 8:00 pm GMT to Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick, and US Trade Representative Jamieson Greer.
The Chamber requests the administration take immediate actions to save America’s small businesses and stave off a recession, she added.
