It’s official: Donald Trump has decided to impose staggering and reckless tariffs on Chinese goods, a move that could prove devastating for the U.S. economy.
According to CNN, “President Donald Trump has given his approval to proceed with tariffs on $50 billion of Chinese exports.”
The news organization notes that the White House decision is a “dramatic escalation of global tensions on trade.”
President Trump has approved tariffs on $50 billion of Chinese products, a source says. The move is a dramatic escalation of global tensions on trade. https://t.co/WQq6HK4XrZ pic.twitter.com/Ts1sMm3kxb
— CNN Breaking News (@cnnbrk) June 15, 2018
But the move won’t only punish U.S. trading adversaries like China. It’s also going to hurt businesses and consumers in the United States.
As we reported earlier via Reuters, “The International Monetary Fund warned on Thursday that U.S. President Donald Trump’s new import tariffs threaten to undermine the global trading system, prompt retaliation by other countries and damage the U.S. economy.”
According to USA TODAY, National Retail Federation CEO Matthew Shay says the Trump-caused trade war would “result in higher prices for a wide range of consumer products and basic household goods.”
Even Trump’s former economic adviser thinks the drastic tariffs could cause a recession
It’s not just Democrats and anti-Trumpers who are warning that Trump’s erratic trade policies are bad for the country. This issue goes beyond political affiliation.
As the Associated Press reported shortly after Trump gave the official green light to the new tariffs, the president’s former economic adviser Gary Cohn said imposing steep trade penalties could start a chain reaction that ends in an economic crash.
“If you end up with a tariff battle, you will end up with price inflation, and you could end up with consumer debt. Those are all historic ingredients for an economic slowdown,” Cohn said.
During the campaign, it may have been good theater for Trump to show wild aggression toward America’s trade adversaries. But, in practice, these policies could push the United States into another recession.
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