New China tariffs a ‘job killer,’ US industry tells Trump (Source AFP) 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 is due to go into effect — potentially raising prices ahead of the crucial holiday shopping period. In a sharp deterioration in the US-China trade war, Trump last week ramped up the punitive duties for the vast majority of US imports from China.
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. More than 200 footwear manufacturers and retailers, including major brands such as Nike and Foot Locker, signed onto the letter alerting that the new tariffs could cost US consumers an additional $4 billion a year and increase the chances of an economic downturn.
A broad array of 160 other trade groups — including software and electronics manufacturers, as well as retailers, liquor producers and others — also warned Trump of higher prices and damaged consumer confidence and urged him to abandon the tariff strategy. “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.