Trump 'Squandering' Inherited Strong Jobs Market with Tariffs: Fmr. Economic Advisers Council Chair

International Trade attorney Francisco Sanchez was featured in an MSNBC news segment analyzing how the Trump Administration's recently implemented tariffs could affect companies operating in the U.S. and the country's relationships with global trading partners. Last week, President Donald Trump announced a 10 percent global tariff on all imports to the United States as well as reciprocal tariffs ranging from 11 to 50 percent on 57 other countries. Ms. Sanchez explained that the objective of these measures is two-fold: increase U.S.-based jobs, in particular domestic manufacturing, and create leverage in trade negotiations with other countries. He highlighted that the main issue for businesses in responding to the new duties is that many of their established supply chains are international in nature, and it is difficult to pivot in the short and medium term. He added that larger corporations may have enough buying power to compel suppliers to take on the new costs, but small and medium-sized companies that depend on overseas products or manufacturing inputs lack that kind of leverage, creating a situation in which they must either absorb the additional costs or pass them along to consumers through price hikes. He also reacted to a comment from a Vietnamese official expressing a willingness for the country to reduce its tariffs, saying it exemplifies what the administration hopes to achieve through its new trade policy.

Duration: 11:07 (Mr. Sanchez begins speaking at 2:20)