Why Trump’s Trade War Could Mean Paying More For Clothes
Donald Trump was supposed to be bad for civil rights, bad for the environment, and bad for women, but he was always supposed to be good for business. After all, Trump is a businessman. But now that he’s ignited what China is calling the “largest trade war” in history, he’s managed to alienate the business community, too. The second year into his presidency, he’s clashing with business leaders, including those from retail and fashion. The current dispute — it’s not Trump’s only disagreement with business leaders — started after the president’s decision in March to impose a 25 percent tariff on imported steel and a 10 percent tariff on imported aluminum. (A tariff, or duty, is essentially a tax placed on goods made overseas, and ultimately consumers pay the price.) At the time, Matthew Shay, president of the National Retail Federation, a trade group representing retailers from the US and other countries, said Trump had an “apparent desire to ignite a trade war.” Read more at Racked.