Trump is stepping up his attack on China. Us consumers and businesses will pay the price.
In his effort to “win” a trade war Trump Announces Tariffs on $50 Billion of China Imports.
The Trump administration detailed plans for steep tariffs it will impose on some $50 billion of imports from China unless it makes big trade and investment concessions soon, a broadside that represents the U.S.’s most powerful challenge in decades to Beijing’s economic practices.
The imports targeted for 25% levies reached across the U.S. economy, from high-tech industries like medicine, aviation and semiconductor machinery to intermediate goods like machinery and chemicals, as well as such consumer standards as dishwashers, snow plows and motorcycles, according to the U.S. Trade Representative.
Early reaction from the high-tech industry was negative. “If history is any indication, these proposed tariffs will not work and will be entirely counterproductive,” said Dean Garfield, president of the Information Technology Industry Council. “Tariffs penalize U.S. consumers by increasing prices on technology products and will not change China’s behavior.”
Hooray! Consumers and businesses will pay more, not for 1,300 products but rather 1,300 product categories. The tariffs start May 22. In the interim, businesses have a chance to respond. They will promptly be ignored.
When consumers pay more, Trump calls it “winning”.
