Delaying Further China Tariffs “Nice” but Fails to Undo Harm “Being Done Right Now”
In a notice put out this morning, the Trump Administration announced a delay in tariffs against China “until further notice.”
CEI fellow Ryan Youngsaid:
“Trade talks with Beijing have resulted in the Trump administration delaying ‘until further notice’ its threat to raise the current 10 percent tariff on $200 billion of Chinese goods to 25 percent. This is good news, but it is important to remember the difference between abstaining from harm and actively doing good.
“The existing 10 percent tariff reduced GDP by more than $14 billion in 2018, causing direct harm to the U.S. economy. Because China has responded in kind to President Trump’s tariffs, soybean exports to China are down 99.7 percent from a year ago, and other industries such as automobiles are also having difficulties in China. The administration’s decision to hold off on doing further harm is nice, but it doesn’t change the harm already being done right now.”
Read more:
- Young and Murray in Fox Business: The New Congress Must Repeal All of Trump’s New Tariffs ASAP
- Young: Common Myths and Facts About Trade
- Murray and Young: Traders of the Lost Ark: Rediscovering a Moral and Economic Case for Free Trade