National Association of Manufacturers President Jay Timmons wants Pres. Trump to tone down the trade war.
Timmons fears repercussions from other countries that would hurt American businesses.
Pres. Trump wants business owners to trust him that he knows what he’s doing and Americans will make out better in the long run.
Commerce Secretary Wilbur Ross said if Americans see anything from these tariff increases from other countries, it will minimally impact our lives.
Source: Washington Examiner
Ross claimed that the impact would be small compared to the overall economy. “If you have a 10 percent tariff on another $200 billion, that’s $20 billion a year. That’s a tiny, tiny, tiny fraction of 1 percent [of] inflation in the U.S.,” he said.
Trade groups and many lawmakers on both sides of the aisle have been arguing that the tariffs will entail painful disruptions.
President Trump announced tariffs of 10 percent on $200 billion worth of products from China Monday, rising to 25 percent next year, and threatened an additional $267 billion “if China takes retaliatory action.” That was on top of tariffs on $50 billion worth of goods previously enacted, meaning Trump could impose tariffs on more a half-trillion dollars worth of Chinese goods, a figure that trade analysts say would effectively cover all imports. That’s on top of tariffs of 25 percent on imported steel and 10 percent on aluminum, both of which are primarily directed at China.
Beijing responded Tuesday by announcing tariffs tariffs of 5 to 10 percent on $60 billion worth of U.S. goods, on top of prior tariffs of between 5 and 25 percent on $60 billion worth of U.S goods.
China will impose retaliatory tariffs on $60,000,000,000 of American-made goods, hitting back at the U.S. just hours after President Trump announced a massive escalation in tariffs on $200,000,000,000 in imported goods from Beijing. https://t.co/ufkdKjWyFQ
— NBC News (@NBCNews) September 18, 2018
Globalists hate tariffs because it hurts their bottom lines- they try to say its about consumers but its about earnings. If these gambit works the smartest folks in the world will be wrong again https://t.co/ewTLKFqLuB
— Charles V Payne (@cvpayne) September 18, 2018
Where’s the story on how the USA became weak and vulnerable to China? Who and why were thousands of manufacturing jobs lost to China. American Workers sold out?
We had no choice but to act against China. We should consider dumping the One-China policy. The time has come to give more recognition to Taiwan.
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