Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Economists and business groups tell Assembly tariffs would raise costs, threaten New Jersey exporters and ports
Summary
A panel including a Rutgers economics professor, NJBIA and manufacturing experts told the Assembly Oversight, Reform and Federal Regulations Committee that proposed federal tariffs would function as a tax, raise costs for New Jersey firms and consumers, and could prompt retaliatory measures that damage exports and port-related jobs.
A panel of economists and business representatives told the Assembly Oversight, Reform and Federal Regulations Committee on Friday that proposed federal tariffs would operate like a tax and could harm New Jersey companies, workers and ports.
"A tariff is a tax on imported goods," said Tom Pruscher, a Rutgers University economics professor. "Tariffs are paid by US firms and individuals." Pruscher warned that previous tariff measures led to large retaliatory levies that hit U.S. exports and that similar actions now could reduce trade volumes and slow manufacturing growth over time.
Why it matters: New Jersey exports tens of billions of dollars in manufactured goods and agricultural…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
