The U.S. Imposes Its Highest Tariffs On Bangladesh And Other Poor Countries
The U.S.-China trade spat keeps escalating. Donald Trump is now threatening another hefty round of tariffs on Chinese products, after China retaliated to a previous round with its own trade barriers against U.S. goods. U.S. retailers have expressed concern about the impact the tariffs might have on their bottom lines—and their consumers’ wallets. “These tit-for-tat trade actions could spell disaster for the U.S. economy and make it harder for Americans across the country to afford everyday products and basic necessities,” Matthew Shay, president and CEO of the National Retail Federation, said in a statement. It makes sense that retailers are worried about the impact of the U.S.-China standoff. But it might be surprising to learn the highest U.S. tariffs aren’t against China, but its poor Asian neighbors. Countries such as Bangladesh and Vietnam export large volumes of clothes and shoes to the U.S., and those are items the U.S. taxes at disproportionately high rates. Read more at Quartz.
