More China tariffs could push the US into a ‘Trump recession,’ CEO says
PUBLISHED 3 HOURS AGOUPDATED 29 MIN AGO
Shirley Tay
The U.S. economy may be pushed into a “Trump recession” if Washington follows through on its threat to impose tariffs on an additional $300 billion worth of Chinese goods, says Gary Shapiro, president and CEO of the Consumer Technology Association.
Speaking to CNBC, Shapiro called tariffs an “economic fence” and said they are “not a good strategy” to help Washington resolve its trade dispute with Beijing.
The U.S. economy may be pushed into a “Trump recession” if Washington follows through on its threat to impose new tariffs on billions of dollars worth of Chinese goods, the president and CEO of a U.S.-based trade organization said Tuesday.
Speaking to CNBC at the CES Asia technology conference in Shanghai, Gary Shapiro from the Consumer Technology Association called tariffs an “economic fence” and said they are “not a good strategy” to help Washington resolve its trade dispute with Beijing.
“They are taxes, they hurt consumers, they hurt American companies,” Shapiro said, noting that positive assessments of U.S. President Donald Trump’s hard-line tariff approach are not widely held by economists outside the White House.
As Beijing and Washington remain deadlocked in an increasingly aggressive trade dispute, some economists have said that tariffs on Chinese goods — which Trump has repeatedly said will benefit the U.S. — may eventually backfire and tip the U.S. economy into a recession.
Despite such fears and a worse-than-expected jobs data for May, U.S. Treasury Secretary Steven Mnuchin told CNBC on Sunday that the U.S. economy is still the “bright spot of the world” — and he doesn’t see any signs of an economic downturn.
more @ https://www.cnbc.com/2019/06/11/mor...sh-us-into-a-trump-recession-cta-shapiro.html
PUBLISHED 3 HOURS AGOUPDATED 29 MIN AGO
Shirley Tay
The U.S. economy may be pushed into a “Trump recession” if Washington follows through on its threat to impose tariffs on an additional $300 billion worth of Chinese goods, says Gary Shapiro, president and CEO of the Consumer Technology Association.
Speaking to CNBC, Shapiro called tariffs an “economic fence” and said they are “not a good strategy” to help Washington resolve its trade dispute with Beijing.
The U.S. economy may be pushed into a “Trump recession” if Washington follows through on its threat to impose new tariffs on billions of dollars worth of Chinese goods, the president and CEO of a U.S.-based trade organization said Tuesday.
Speaking to CNBC at the CES Asia technology conference in Shanghai, Gary Shapiro from the Consumer Technology Association called tariffs an “economic fence” and said they are “not a good strategy” to help Washington resolve its trade dispute with Beijing.
“They are taxes, they hurt consumers, they hurt American companies,” Shapiro said, noting that positive assessments of U.S. President Donald Trump’s hard-line tariff approach are not widely held by economists outside the White House.
As Beijing and Washington remain deadlocked in an increasingly aggressive trade dispute, some economists have said that tariffs on Chinese goods — which Trump has repeatedly said will benefit the U.S. — may eventually backfire and tip the U.S. economy into a recession.
Despite such fears and a worse-than-expected jobs data for May, U.S. Treasury Secretary Steven Mnuchin told CNBC on Sunday that the U.S. economy is still the “bright spot of the world” — and he doesn’t see any signs of an economic downturn.
more @ https://www.cnbc.com/2019/06/11/mor...sh-us-into-a-trump-recession-cta-shapiro.html
