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Photo: Win McNamee/Getty Images

Trade groups across the country are voicing opposition to newly announced tariffs on $200 billion worth of Chinese goods, set to take effect next week.

Flashback: Hundreds of companies testified in Washington last month, asking officials to remove certain items from the initial list of proposed goods to face tariffs. About 300 were struck, but thousands of items remain on the final list.

What they're saying:

  • Matt Shay, CEO of the National Retail Federation: "It’s disappointing that, despite the voices of those impacted, the administration continues to advance harmful tariff policies that threaten to weaken the U.S. economy. Every time this trade war escalates, the risk to U.S. consumers grows. With these latest tariffs, many hardworking Americans will soon wonder why their shopping bills are higher and their budgets feel stretched."
  • Tom Donohue, CEO of the U.S. Chamber of Commerce : "[The tariff] decision makes clear that the administration did not heed the numerous warnings from American consumers and businesses about rising costs and lost jobs on Main Street, in factories, and on farms and ranches across the country. Both countries should stay at the negotiating table, and the U.S. should continue working with its allies to seek alternative solutions."
  • Jay Timmons, CEO of the National Association of Manufacturers: "With every day that passes without progress on a rules-based, bilateral trade agreement with China, the potential grows for manufacturers and manufacturing workers to get hurt. No one wins in a trade war, and manufacturing workers are hopeful the administration’s approach will quickly yield results. Now is the time for talks—not just tariffs—and manufacturers have laid out a blueprint to reset the U.S.-China commercial relationship that will result in ending China’s unfair and anti-competitive behavior."
  • Kyle Isakower, vice president for economic policy at the American Petroleum Institute: "We understand the need to address discriminatory trade practices, but this policy will essentially impose a new tax on $200 billion worth of products on which American families and businesses rely. The U.S. natural gas and oil industry delivers affordable and abundant energy to households and businesses across the country, strengthening the U.S. economy every day. However, this current trade dynamic works against U.S. energy sector growth and counter to the Administration’s stated goal of 'energy dominance.'"
  • Matt Priest, CEO of the Footwear Distributors & Retailers of America: "This decision will penalize Americans from every walk of life with added hidden taxes on $200 billion worth of products. Higher costs for our consumers hurts our ability to sell shoes, and this directly impacts U.S. jobs in our industry."

Go deeper

Justice Department drops insider trading inquiry against Sen. Richard Burr

Sen. Richard Burr (R-N.C.) walking through the Senate Subway in the U.S. Capitol in December 2020. Photo: Stefani Reynolds/Getty Images

The Department of Justice told Sen. Richard Burr (R-N.C.) on Tuesday that it will not move forward with insider trading charges against him.

Why it matters: The decision, first reported by the New York Times, effectively ends the DOJ's investigation into the senator's stock sell-off that occurred after multiple lawmakers were briefed about the coronavirus' potential economic toll. Burr subsequently stepped down as chair of the Senate Intelligence Committee.

Netflix tops 200 million global subscribers

Illustration: Rebecca Zisser/Axios

Netflix said that it added another 8.5 million global subscribers last quarter, bringing its total number of paid subscribers globally to more than 200 million.

The big picture: Positive fourth-quarter results show Netflix's resiliency, despite increased competition and pandemic-related production headwinds.

Janet Yellen plays down debt, tax hike concerns in confirmation hearing

Treasury Secretary nominee Janet Yellen at an event in December. Photo: Alex Wong via Getty Images

Janet Yellen, Biden's pick to lead the Treasury Department, pushed back against two key concerns from Republican senators at her confirmation hearing on Tuesday: the country's debt and the incoming administration's plans to eventually raise taxes.

Driving the news: Yellen — who's expected to win confirmation — said spending big now will prevent the U.S. from having to dig out of a deeper hole later. She also said the Biden administration's priority right now is coronavirus relief, not raising taxes.

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