President Donald Trump's new tariffs on Chinese goods are a "job killer" that will slam consumers and could make a recession more likely, industry groups said on Wednesday.[WASHINGTON] President Donald Trump's new tariffs on Chinese goods are a"job killer" that will slam consumers and could make a recession more likely, industry groups said on Wednesday.
The five per cent increases, which will take the tariffs to 15 per cent and 30 per cent, are due to roll out in stages through December and target some popular items, such as laptops, mobile phones and some shoes.More than 200 footwear manufacturers and retailers, including major brands such as Nike and Foot Locker, signed onto the letter alerting that the new tariffs could cost US consumers an additional US$4 billion a year and increase the chances of an economic downturn.
The Information Technology Industry Council agreed China needs to change its unfair trade practices, but said in a statement Wednesday that"the current tool of tariffs has simply not worked, and we're continuing to see the negative results."The companies agreed with economists that recession risks are rising, warning Wednesday that uncertainty caused by the confrontation with Beijing was rattling the wider economy - a sensitive subject as Mr Trump seeks reelection next year.
US officials have delayed or canceled tariffs on some popular items until December, including some shoes, preventing price hikes from hitting just before the holiday shopping period.
Malaysia Malaysia Latest News, Malaysia Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »