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 Wednesday. The latest cry for peace in Trump's year-long trade war came just days before the first in series of tariff increases
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 Wednesday.
The five percent increases, which will take the tariffs to 15 percent and 30 percent, are due to roll out in stages through December and target some popular items, such as laptops, mobile phones and some shoes. "We've been telling the White House since the beginning that tariffs will be paid by Americans in the form of higher prices, and that due to our already high import taxes, this will be a job killer," Matt Priest, president of the Footwear Distributors and Retailers of America, said in a statement."There is no doubt that tariffs act as hidden taxes paid by American individuals and families," its letter said.
"An economic downturn will take away disposable income from US consumers, even as they have to pay more for products," they said.
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