US Chamber analysis shows helping all sectors hit by tariffs would cost $39 billion

US Chamber analysis shows helping all sectors hit by tariffs would cost $39 billion

A new U.S. Chamber of Commerce analysis found that providing similar aid to all sectors affected by President TrumpDonald TrumpMajority of Americans in new poll say it would be bad for the country if Trump ran in 2024 ,800 bottle of whiskey given to Pompeo by Japan is missing Liz Cheney says her father is 'deeply troubled' about the state of the Republican Party MORE's tariffs would cost U.S. taxpayers $39 billion.

The Trump administration last week announced a $12 billion emergency aid package for the nation's farmers who are taking a hard hit from retaliatory tariffs unloaded by China, Mexico, Canada and other trading partners because of the president's imposition of tariffs.

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The Chamber's analysis shows that on top of the $12 billion that could be doled out to farmers as early as this fall, another $27.2 billion would be needed to help other sectors such as fishermen, cotton and fabric manufacturers and makers of steel and aluminum. 

After Agriculture Secretary Sonny PerdueSonny PerdueOVERNIGHT ENERGY: Supreme Court rules that pipeline can seize land from New Jersey | Study: EPA underestimated methane emissions from oil and gas development | Kevin McCarthy sets up task forces on climate, other issues The Hill's Morning Report - Presented by Facebook - Georgia election day is finally here; Trump hopes Pence 'comes through for us' to overturn results Civil war between MAGA, GOP establishment could hand Dems total control MORE announced the agriculture aid last week, the Chamber decided to determine how much it would cost to provide a similar level of aid to each industry affected by the budding trade war.

"While America’s agricultural industry has been hit extremely hard by escalating tariffs, it’s not alone," said Neil Bradley, the Chamber's executive vice president and chief policy officer.

“The administration’s focus should be expanding free trade and removing these harmful tariffs, not allocating taxpayer’s money to only marginally ease the suffering for some of the industries feeling the pain of the trade war," Bradley said. 

Bradley said "offering a bailout to any single industry is a slippery — and costly — slope."

Farm groups have said they want more open foreign markets to sell their products, not aid to bolster their businesses while the tariffs remain in place.

Last week, U.S. Trade Representative Robert LighthizerBob LighthizerBiden moves to undo Trump trade legacy with EU deal Whiskey, workers and friends caught in the trade dispute crossfire GOP senator warns quick vote on new NAFTA would be 'huge mistake' MORE told the Senate Appropriations Committee that the Trump administration wasn't planning to offer aid to any other sectors of the economy.

In an exchange with Sen. Jeanne ShaheenCynthia (Jeanne) Jeanne ShaheenOvernight Defense: Police officer killed in violence outside Pentagon | Biden officials back repeal of Iraq War authorization | NSC pushed to oversee 'Havana Syndrome' response Bipartisan bill would create NSC position to oversee 'Havana syndrome' response Graham's COVID-19 'breakthrough' case jolts Senate MORE (D-N.H.) Lighthizer said "it is the view of the administration that agriculture has been particularly targeted by retaliation as a result of the kinds of actions we're doing to try to level the playing field."

"So you're not contemplating that kind of assistance for other small businesses that are being hurt by this trade war?" Shaheen asked.

"Not at this time, no," Lighthizer responded.