Report concludes hefty tariffs on China could cost US economy billions

[DonViejo]

Source: The Hill


BY VICKI NEEDHAM - 03/16/18 06:35 PM EDT

Tariffs on China’s information and communications technology imports would lead to billions in losses for the U.S. economy, a new report released on Friday shows.

Any Trump administration plan that would levy a 25 percent tariff on those types of Chinese products would cost the U.S. economy $332 billion over the next 10 years, according to a new report released by the Information Technology and Innovation Foundation (ITIF), a technology policy trade group.

If those tariffs were set at 10 percent, the same as recently announced for aluminum imports, the damage would add up to about $163 billion in economic losses here over the next decade, according to the report.

"The Trump administration’s goals of confronting unfair Chinese trade practices and reinvigorating U.S. manufacturing are commendable, but we need to ensure that any penalties on China’s trade actions are not penalties on the U.S. economy,” said ITIF Vice President Stephen Ezell, lead author of the report.


Read more: http://thehill.com/policy/finance/378872-report-concludes-hefty-tariffs-on-china-could-cost-us-economy-billions

[fierywoman]

1. But!! But!! 247 iron workers would have median incomes!!!! That's 247 votes ...

[sandensea]

2. To say nothing of the $1.5 trillion in Bush-era bonds they still hold.

And you know China is just looking for a good excuse to unload them.

[bucolic_frolic]

3. Our economy RUNS on merchandise from China

How smart to provoke and start a war with your supplier? They moved many factories to China. Products I recall from the 70s now marked "Made in China". Auto parts, spare parts, batteries.

We are TOAST if China decides to cut off our supply. Or raise prices on everything. I know, they need the cash. We need the parts.

I'm making a list of things I need from China .... stocking up if I can, but so many things unforeseen.

And our retailers will use it as an excuse to raise prices.

This whole thing is just plain DUMB

[Maxheader]

4. Cheetox is a very stable genius

what?
me worry?

[Bernardo de La Paz]

5. Obama oversaw 2nd longest expansion in US history. Now, Trump Slump. . . . nt