Small Business
New China Tariffs Would Hurt Economy, Says Retail Group
A report from Trade Partnership found that increasing tariffs on $200 billion of goods to 25 percent, coupled with tariffs already in place and retaliation, would reduce U.S. employment by over 934,000 jobs, cost the average family of four $767 and ...
May. 06, 2019
On Sunday, President Donald Trump tweeted that he intends to increase tariffs on up to $200 billion of Chinese imports, raising it to 25 percent from 10 percent. Trump also suggested the administration may impose the new tariffs on up to $325 billion more imports. The threats come just ahead of new trade talks between the countries.
In response, the National Retail Federation has issued a statement in opposition to the new tariffs.
“Tariffs are taxes paid by American businesses and consumers, not by China,” said NRF Senior Vice President for Government Relations David French. “A sudden tariff increase with less than a week’s notice would severely disrupt U.S. businesses, especially small companies that have limited resources to mitigate the impact. If the administration follows through on this threat, American consumers will face higher prices and U.S. jobs will be lost.”
Stock markets dropped on Monday following the tweets.
“We want to see meaningful changes in China’s trade practices, but it makes no sense to punish Americans as a negotiating tactic, the NRF official continued. “If the administration wants to put more pressure on China, it should form a multinational coalition with our allies who share our concerns. We urge the administration to reconsider this tax hike on Americans and stay at the bargaining table until a deal is reached.”
- A report from Trade Partnership found that increasing tariffs on $200 billion of goods to 25 percent, coupled with tariffs already in place and retaliation, would reduce U.S. employment by over 934,000 jobs, cost the average family of four $767 and reduce U.S. GDP by 0.37 percent.
- Tariffs Hurt the Heartland, the nationwide grassroots campaign against tariffs, will host a town hall tomorrow in Cleveland, Ohio at the 2019 Great Lakes Economic Forum. During the event, Ohio business owners and farmers will discuss the impact of tariffs on the state’s economy. Watch live here.