WASHINGTON: President Donald Trump on Tuesday took credit for an American economic renaissance but was greeted by another salvo from US industries that blame his trade wars for jeopardising employment, wounding business and burdening consumers with higher costs.
"Some regions and industries are already feeling the pain and the damage to jobs, income and tax revenue could be crippling down the road," Gene Seroka, executive director of the Port of Los Angeles, said in a statement.Higher import costs and lost markets also pose a risk to US$186 billion in annual merchandise trade through the ports and will burden consumers with billions of dollars in price increases, it said.
Trump launched his trade battle with China last year, accusing Beijing of trying to dominate industries across the globe through subsidies, theft of intellectual property and other practices.Companies were relieved when Trump last month announced a substantial"phase one" deal with Beijing, but details have been scarce and there is no word on when the agreement will be signed.
Trump appeared to acknowledge some industries might have suffered due to"a little bit perhaps the uncertainty of trade wars."
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