Trump Should ‘Get Rid Of Tariffs,’ Says Retail Industry Body
As retailers worldwide come under the threat of the coronavirus outbreak, an industry body in the U.S. has called on President Donald Trump to remove elevated tariffs placed on Chinese goods. Those tariffs were implemented over the last two years when the U.S. and China hit out at each other in a trade war. They brought average U.S. tariffs on Chinese goods up from 3.1% at the start of 2018 to 19.3% this month, and Chinese tariffs on U.S. goods from 8% to 20.3% during the same period, according to the Peterson Institute for International Economics. Many companies, analysts and investors have criticized Trump’s decision to raise tariffs, arguing that those levies were a tax on U.S. consumers and businesses — and that they are not paid by China as the president has claimed. Read more at CNBC.