Tariffs were driving up the cost of production, delaying capital investments, and impeding job creation for US equipment manufacturers, the Association of Equipment Manufacturers (AEM) said on Monday.
Citing a report released by IHS Markit, AEM said that tariffs continued to take a toll on US equipment manufacturers.
"This report shows that tariffs continue to take a toll on US equipment manufacturers, who will pay significantly more to manufacture equipment in the United States in the coming years," said Dennis Slater, president of the AEM.
"Tariffs on steel, aluminum, and Chinese imports, as well as the potential for additional tariffs, are driving up the cost of production, delaying capital investments, and impeding job creation for our more than 1,000 member companies," said Slater.
An AEM backed campaign named "Tariffs Hurt the Heartland" also found that the tariffs were costing businesses up to $2.7 billion each month and had caused exports of American products to plummet by 37 percent.
Besides, AEM underlined that equipment manufacturing executives have attributed the increasing costs of manufacturing in the United States to the tariffs.
"We urge the Trump administration to negotiate solutions to these long-standing issues with China, de-escalate economic tensions, and remove broad unilateral tariffs," said John Garrison, an AEM board member.