HUNDREDS OF COMPANIES BEG TRUMP NOT TO COMMIT ECONOMIC SUICIDE
Last weekend, U.S. companies, consumers, and the economy scored a “victory” when Donald Trump announced that he would not be dragging the country into a second trade dispute with Mexico, after advisers presumably convinced him that he could claim the tariffs he’d threatened had brought our southern neighbors to heel, despite the fact that the border-security “concessions” they agreed to had already been negotiated months earlier. That was of course good news, but, at present, the U.S. still has its no good, very bad trade war with China to deal with, which the president has threatened to make even worse by imposing an extra $300 billion worth of levies on Chinese goods. And the groups that will pay for such a tax—which, it may surprise you to hear, are not the Chinese!—are pleading with Tariff Man not to go through with it
Over the next week, hundreds of companies are expected to testify that Trump’s plan to ratchet up the tariffs on Beijing will hurt business growth, cause price hikes for consumers, and—wait for it—not actually achieve the president’s stated objectives. “It’ll be the straw that breaks the camel‘s back for a lot of our companies,”Karen Giberson, president and CEO of the Accessories Council, an industry group whose members include jewelry importers and fashion designers, told Politico.
First seen on Vanity Fair