USA-Trade Dispute/Entrepreneur

US entrepreneurs, economists worried about China-US trade friction escalation

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Shotlist


FILE: Washington, D.C., USA - Date Unknown (CGTN - No access Chinese mainland)
1. Various of White House
2. Capitol Hill
3. U.S. national flags on building, pedestrians, vehicles

Washington, D.C., USA - May 13, 2019 (CGTN - No access Chinese mainland)
4. SOUNDBITE (English) Tom Lix, founder, Cleveland Whiskey (partially overlaid with shots 5-7):
"I think we're impacted by 15 to 20 percent of our revenue has been cut off because of these tariffs. Well it certainly limits the amount of investment we can afford to do in any given year. I mean, it's not just equipment that we plan to put in, we had hoped to move into a new building this year, that's probably going to be delayed a little bit. Certainly new hires. We probably would have four more people, we're a small company, we're only 15 people, but we'd probably be at about 19 or 20 right now if it weren't for the tariffs. Right now we are struggling with whether we can pass some costs onto our consumers, and I don't think we can. I think our margins are going to shrink, that reduces our profitability, it's going to make it a little harder for us to raise money for future funding rounds, and I think we have yet to see the full implications of what the tariffs will be."

++SHOTS OVERLAYING SOUNDBITE++
FILE: Washington D.C., USA - Date Unknown (CCTV - No access Chinese mainland)
5. Various of U.S. Department of Commerce

FILE: New York City, USA - Date Unknown (CCTV - No access Chinese mainland)
6. Various of pedestrians
7. Shop exterior
++SHOTS OVERLAYING SOUNDBITE++

FILE: Washington D.C., USA - June 28, 2016 (CGTN - No access Chinese mainland)
8. Various of auto workers in car assembly plant

Washington, D.C., USA - May 13, 2019 (CGTN - No access Chinese mainland)
9. SOUNDBITE (English) John Tamny, Director, Center for Economic Freedom, FreedomWorks:
"Tariffs and trade wars are so bad for the U.S. economy. The U.S. is a rich country precisely because it has such low tariffs. It takes in lots of the world's plenty and basically it's trade with the rest of the world allows its people to specialize. So bad for the economy and so there is naturally going to be cracks in the Republican Party that has historically been focused on economic growth."

FILE: Detroit, USA - Date Unknown (CCTV - No access Chinese mainland)
10. Various of workers sorting components

Storyline


A number of U.S. entrepreneurs and economists are worried about escalation of China-U.S. trade frictions and believe that imposing more tariffs would have a negative impact on the U.S. economy.

Tom Lix, founder of Cleveland Whiskey, said the tariffs have cut profits and held him back from expanding his business.

"I think we're impacted by 15 to 20 percent of our revenue has been cut off because of these tariffs. Well it certainly limits the amount of investment we can afford to do in any given year. I mean, it's not just equipment that we plan to put in, we had hoped to move into a new building this year, that's probably going to be delayed a little bit. Certainly new hires. We probably would have four more people, we're a small company, we're only 15 people, but we'd probably be at about 19 or 20 right now if it weren't for the tariffs. Right now we are struggling with whether we can pass some costs onto our consumers, and I don't think we can. I think our margins are going to shrink, that reduces our profitability, it's going to make it a little harder for us to raise money for future funding rounds, and I think we have yet to see the full implications of what the tariffs will be," said Lix.

In addition, many economists point out that U.S. actions like threatening trade partners by imposing more tariffs violates economic rules and also violates the free trade principle which has been always advocated by the country.

"Tariffs and trade wars are so bad for the U.S. economy. The U.S. is a rich country precisely because it has such low tariffs. It takes in lots of the world's plenty and basically it's trade with the rest of the world allows its people to specialize. So bad for the economy and so there is naturally going to be cracks in the Republican Party that has historically been focused on economic growth," said John Tamny, director of the Center for Economic Freedom at FreedomWorks.

According to data from Oxford Economics, imposing tariffs and escalation of trade frictions will cause the GDP of the U.S. to drop by 0.3 percent every year, with each family suffering a loss of over 700 U.S. dollars and 900,000 job positions reduced.

"Tariffs Hurt the Heartland", one of the largest trade organization in the U.S., estimates on Tuesday that since the trade friction between China and the U.S. began, the U.S. has suffered an economic loss of over 26 billion U.S. dollars.

The International Monetary Fund and the World Bank listed trade friction as the largest uncertainty that affects global economic growth and called on all countries to follow multilateralism and maintain the current international trading system.

Last week the United States announced the increase of tariffs on 200 billion U.S. dollars' worth of Chinese goods from 10 percent to 25 percent as of May 10. The decision was made when the latest China-U.S. trade talks were still underway.

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  • ID : 8110754
  • Published : 2019-05-15 08:15
  • Last Modified : 2019-05-16 09:32:05
  • Location : Washington D.C.,United States
  • Category : economy, business and finance
  • Duration : 2'04
  • Audio Language : English/Nats/Part Mute
  • Source : China Global Television Network (CGTN)
  • Restrictions : No access Chinese mainland
  • Version : 2
  • ID : 8110754
  • Published : 2019-05-15 19:02
  • Last Modified : 2019-05-16 09:32:05
  • Location : Washington D.C.,États-Unis
  • Category : economy, business and finance
  • Duration : 2'04
  • Audio Language : Anglais/Nats/Partiellement muet
  • Source : China Central Television (CCTV),China Global Television Network (CGTN)
  • Restrictions : Pas d’accès dans la partie continentale de Chine
  • Version : 2
  • ID : 8110754
  • Published : 2019-05-15 18:53
  • Last Modified : 2019-05-16 09:32:05
  • Location : الولايات المتحدة
  • Category : economy, business and finance
  • Duration : 2'04
  • Audio Language : الانجليزية/الصوت الطيبعي/صامت جزئيا
  • Source : China Central Television (CCTV),China Global Television Network (CGTN)
  • Restrictions : No access Chinese mainland
  • Version : 2
  • ID : 8110754
  • Published : 2019-05-15 14:45
  • Last Modified : 2019-05-16 09:32:05
  • Location : Washington D.C.,Estados Unidos
  • Category : economy, business and finance
  • Duration : 2'04
  • Audio Language : Inglés/Nats/Parte Muda
  • Source : China Central Television (CCTV),China Global Television Network (CGTN)
  • Restrictions : No acceso a la parte continental de China
  • Version : 2

USA-Trade Dispute/Entrepreneur

US entrepreneurs, economists worried about China-US trade friction escalation

Dateline : May 13, 2019/File

Location : Washington D.C.,United States

Duration : 2'04

  • English
  • Français
  • العربية
  • Español


FILE: Washington, D.C., USA - Date Unknown (CGTN - No access Chinese mainland)
1. Various of White House
2. Capitol Hill
3. U.S. national flags on building, pedestrians, vehicles

Washington, D.C., USA - May 13, 2019 (CGTN - No access Chinese mainland)
4. SOUNDBITE (English) Tom Lix, founder, Cleveland Whiskey (partially overlaid with shots 5-7):
"I think we're impacted by 15 to 20 percent of our revenue has been cut off because of these tariffs. Well it certainly limits the amount of investment we can afford to do in any given year. I mean, it's not just equipment that we plan to put in, we had hoped to move into a new building this year, that's probably going to be delayed a little bit. Certainly new hires. We probably would have four more people, we're a small company, we're only 15 people, but we'd probably be at about 19 or 20 right now if it weren't for the tariffs. Right now we are struggling with whether we can pass some costs onto our consumers, and I don't think we can. I think our margins are going to shrink, that reduces our profitability, it's going to make it a little harder for us to raise money for future funding rounds, and I think we have yet to see the full implications of what the tariffs will be."

++SHOTS OVERLAYING SOUNDBITE++
FILE: Washington D.C., USA - Date Unknown (CCTV - No access Chinese mainland)
5. Various of U.S. Department of Commerce

FILE: New York City, USA - Date Unknown (CCTV - No access Chinese mainland)
6. Various of pedestrians
7. Shop exterior
++SHOTS OVERLAYING SOUNDBITE++

FILE: Washington D.C., USA - June 28, 2016 (CGTN - No access Chinese mainland)
8. Various of auto workers in car assembly plant

Washington, D.C., USA - May 13, 2019 (CGTN - No access Chinese mainland)
9. SOUNDBITE (English) John Tamny, Director, Center for Economic Freedom, FreedomWorks:
"Tariffs and trade wars are so bad for the U.S. economy. The U.S. is a rich country precisely because it has such low tariffs. It takes in lots of the world's plenty and basically it's trade with the rest of the world allows its people to specialize. So bad for the economy and so there is naturally going to be cracks in the Republican Party that has historically been focused on economic growth."

FILE: Detroit, USA - Date Unknown (CCTV - No access Chinese mainland)
10. Various of workers sorting components


A number of U.S. entrepreneurs and economists are worried about escalation of China-U.S. trade frictions and believe that imposing more tariffs would have a negative impact on the U.S. economy.

Tom Lix, founder of Cleveland Whiskey, said the tariffs have cut profits and held him back from expanding his business.

"I think we're impacted by 15 to 20 percent of our revenue has been cut off because of these tariffs. Well it certainly limits the amount of investment we can afford to do in any given year. I mean, it's not just equipment that we plan to put in, we had hoped to move into a new building this year, that's probably going to be delayed a little bit. Certainly new hires. We probably would have four more people, we're a small company, we're only 15 people, but we'd probably be at about 19 or 20 right now if it weren't for the tariffs. Right now we are struggling with whether we can pass some costs onto our consumers, and I don't think we can. I think our margins are going to shrink, that reduces our profitability, it's going to make it a little harder for us to raise money for future funding rounds, and I think we have yet to see the full implications of what the tariffs will be," said Lix.

In addition, many economists point out that U.S. actions like threatening trade partners by imposing more tariffs violates economic rules and also violates the free trade principle which has been always advocated by the country.

"Tariffs and trade wars are so bad for the U.S. economy. The U.S. is a rich country precisely because it has such low tariffs. It takes in lots of the world's plenty and basically it's trade with the rest of the world allows its people to specialize. So bad for the economy and so there is naturally going to be cracks in the Republican Party that has historically been focused on economic growth," said John Tamny, director of the Center for Economic Freedom at FreedomWorks.

According to data from Oxford Economics, imposing tariffs and escalation of trade frictions will cause the GDP of the U.S. to drop by 0.3 percent every year, with each family suffering a loss of over 700 U.S. dollars and 900,000 job positions reduced.

"Tariffs Hurt the Heartland", one of the largest trade organization in the U.S., estimates on Tuesday that since the trade friction between China and the U.S. began, the U.S. has suffered an economic loss of over 26 billion U.S. dollars.

The International Monetary Fund and the World Bank listed trade friction as the largest uncertainty that affects global economic growth and called on all countries to follow multilateralism and maintain the current international trading system.

Last week the United States announced the increase of tariffs on 200 billion U.S. dollars' worth of Chinese goods from 10 percent to 25 percent as of May 10. The decision was made when the latest China-U.S. trade talks were still underway.

ID : 8110754

Published : 2019-05-15 08:15

Last Modified : 2019-05-16 09:32:05

Source : China Global Television Network (CGTN)

Restrictions : No access Chinese mainland

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