Presidential polls show that business owners prefer Donald Trump over Hillary Clinton in 2016. Reasons vary, but most believe that Trump, as a successful businessman, will be the best for the economy and entrepreneurship. I disagree.
One of Donald Trump's signature policies in his quest for the 2016 U.S. presidency is to put massive tariffs on all imports, which he claims will create jobs because American companies will close down international facilities and rebuild them back home. As an American entrepreneur who is the founder and CEO of a global business, I believe Trump's trade policy would not only fail but would have unintended consequences that would be disastrous to the American economy.
I am the founder and CEO of GMM Nonstick Coatings, based in Chicago, and a global supplier of nonstick coatings to the $9 billion housewares industry. We supply American brands such as Calphalon, Farberware, KitchenAid, Oster and George Foreman Grills.
When I started the business, GMM manufactured 100 percent of our products in our Chicago headquarters, but in recent years we have been forced to build operations in China and India because every one of our American clients relocated their manufacturing to Asia. We had two clear choices: Go global or go out of business. But if Trump's policies are enacted, we will be subject to an unprecedented 60 percent to 100 percent tariff, making us completely uncompetitive. Obviously, Trump hopes this will motivate me to bring manufacturing back to the United States.