The White House will not abandon tariffs despite voter discontent and rising prices
The Donald Trump administration intends to maintain its tough tariff policy, even after the Republicans’ defeat in the recent midterm elections. At the B20 Summit in Washington, White House representatives said they would continue their protectionist course to safeguard national security and revive U.S. manufacturing.
However, businesses and economists are sounding the alarm:
A hit to consumers’ wallets: Gary Cohn, a former adviser to Trump, called tariffs “a tax on the American consumer.” According to the Federal Reserve Bank of New York, about 26% of the tariff burden falls directly on buyers.
Public reaction: 62% of Americans support repealing the tariffs, while annual inflation has already reached 3.7% (compared with the Fed’s 2% target).
Business restructuring: Companies such as UPS are rapidly changing their logistics, moving production closer to consumer markets, as a return to the old model of global trade is no longer possible.
In January, Democrats will take control of Congress, but repealing the tariffs will be extremely difficult because of the president’s veto power.$ONE $KITE $BTC
#экономикаСША #США #Инфляция #бизнес #новости
The Donald Trump administration intends to maintain its tough tariff policy, even after the Republicans’ defeat in the recent midterm elections. At the B20 Summit in Washington, White House representatives said they would continue their protectionist course to safeguard national security and revive U.S. manufacturing.
However, businesses and economists are sounding the alarm:
A hit to consumers’ wallets: Gary Cohn, a former adviser to Trump, called tariffs “a tax on the American consumer.” According to the Federal Reserve Bank of New York, about 26% of the tariff burden falls directly on buyers.
Public reaction: 62% of Americans support repealing the tariffs, while annual inflation has already reached 3.7% (compared with the Fed’s 2% target).
Business restructuring: Companies such as UPS are rapidly changing their logistics, moving production closer to consumer markets, as a return to the old model of global trade is no longer possible.
In January, Democrats will take control of Congress, but repealing the tariffs will be extremely difficult because of the president’s veto power.$ONE $KITE $BTC
#экономикаСША #США #Инфляция #бизнес #новости
