‘Costly for everyone’: Business chiefs warn of hit to households from Trump agenda

Australian business leaders have warned of a severe cost to households from a global retreat on free trade after US President-elect Donald Trump vowed to impose massive tariffs on China and other countries when he takes power.

“It’s not surprising that Donald Trump wants to respond to the Chinese government on trade, but arbitrary tariff barriers and trade restrictions will be costly for everyone,” he said. “Open, inclusive, rules-based trade remains the best course and surest way to grow our economies and lift the living standards of our citizens,” he said.due to meet Chinese President Xi Jinping on the sidelines of the APEC summit in PeruBut there is no agreement, so far, on a statement from all 21 members at the summit in Lima, raising questions about whether they will warn against the imposition of sweeping tariffs under a Trump administration.

“Unilateral tariffs on our exporters – whether they come from the US or China – harm our GDP and jobs and are unwelcome news for Australian living standards. Harley said the Australian business delegates expressed concern about the economic fallout from new tariffs when APEC was formed with the objective of removing barriers and lifting economic growth by slashing trade barriers.

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