Powerful US billionaire brothers Charles and David Koch are funding a multi-million dollar campaign against President Donald Trump’s trade tariffs.
Three political groups backed by the brothers say they will use advertising, lobbying and grassroots campaigns to push the benefits of free trade.
The duo run Koch Industries, one of the world’s largest privately owned firms.
The move comes just days after Mr Trump imposed tariffs on steel and aluminium imports from the EU, Canada and Mexico.
On Tuesday, the company was told that David Koch, 78, was stepping down because of his deteriorating health.
In a letter, Charles Koch, 82, told employees he was “deeply saddened” about his brother’s departure, adding that “David has always been a fighter and is dealing with this challenge in the same way”.
The three Koch-backed groups launching the campaign against Mr Trump’s tariffs: Freedom Partners Chamber of Commerce, Americans for Prosperity and the LIBRE Initiative, are urging the president to lift the recent tariffs on aluminium and steel imports as well as the proposed tariffs on other imports from China.
Americans for Prosperity president Tim Phillips said the tariffs would “hamstring our full economic potential”.
“There are better ways to negotiate trade deals than by punishing American consumers and businesses with higher costs,” he added.
The campaign indicates the level of concern among business groups, typically Republican supporters, about the impact of the tariffs.
Leaders from the EU, Canada and Mexico have criticised the move and threatened retaliation, sparking fears of a trade war.
On Tuesday, Mexico imposed a wide range of new tariffs on US goods, including steel, pork, and bourbon.
Donald Trump has said the steel tariffs will protect US steelmakers, which he says are vital to national security.
Source: BBC news
