USA-Tariffs/Negative Impact

American industry insiders warn of tariffs' negative impact on U.S. economy

  • English

Shotlist


USA - May 15, 2019 (CCTV - No access Chinese mainland)
1. Screenshot of research "Tracking the Economic Impact of U.S. Tariffs and Retaliatory Actions" by Tax Foundation

FILE: Washington D.C., USA - Exact Date Unknown (CCTV - No access Chinese mainland)
2. White House
3. Capitol Hill
4. National Flag of United States

USA - May 15, 2019 (CCTV - No access Chinese mainland)
5. Screenshot of statement by National Retail Federation
6. Screenshot of statement by Consumer Technology Association
7. Screenshot of statement by American Apparel and Footwear Association
8. Screenshot of statement by Information Technology Industry Council

FILE: New York City, USA - Date Unknown (CCTV - No access Chinese mainland)
9. Various of pedestrians
10. Various of clothes store, shoppers

FILE: Chicago, USA - Aug 1, 2015 (CCTV - No access Chinese mainland)
11. Various of shoppers at supermarkets; plastic bags on cashier's counter

FILE: Los Angeles, USA - Nov 9, 2017 (CCTV - No access Chinese mainland)
12. Various of containers at port

Storyline


A tax research institute and several industrial associations in the United States have warned of the negative impacts brought by tariff increase to domestic economy and people's daily life.

According to a research conducted by Tax Foundation, a leading independent tax policy nonprofit in the United States, tariffs planned and imposed by the Trump administration so far "would reduce long-run GDP by 0.21 percent (52 billion U.S. dollars)" while eliminating more than 160,000 full-time jobs. The situation will worsen considering countermeasures from other countries including China, Mexico, Canada, India, Turkey as well as the EU.

The research also warned that if all tariffs announced so far were fully imposed, the country's GDP would fall by 0.75 percent in the long run, which means a loss of 188 billion U.S. dollars.

The United States announced to increase tariffs on 200 billion U.S. dollars' worth of Chinese goods from 10 percent to 25 percent as of May 10. And on Monday, the U.S. unveiled a list of additional Chinese imports of 300 billion U.S. dollars that it plans to slap tariffs on.

The tariff hike has triggered serious concern among industrial associations in different sectors in the United States.

The National Retail Federation said in a statement that the tariff escalation is "far too great a gamble for the U.S. economy".

"Slapping tariffs on everything U.S. companies import from China -- goods that support U.S. manufacturing and provide consumers with affordable products -- will jeopardize American jobs and increase costs for consumers," said Matthew Shay, president and CEO of the association, in the statement.

The federation cited an estimate by the "Tariffs Hurt the Heartland" campaign as saying that imposing tariffs of 25 percent on all remaining imports from China, combined with the impact of retaliation, would jeopardize more than 2 million American jobs, cost the average U.S. family 2,300 dollars each year.

The Consumer Technology Association said tech products account for more than half of the 300 billion dollars' worth of products that are now subject to the administration's new tariff threat.

"This immense round of tariffs is exponentially worse for our country," it said. "China is one of the top export markets for American technology -- and its retaliatory tariffs will choke U.S. job creation and global sales for American manufacturers and innovators."

Tariffs are taxes paid by Americans, not China, said the association. "Raising tariffs in this questionably legal fashion hurts American families, workers and businesses."

The new tariff measures are "catastrophic for the U.S. economy," said the American Apparel and Footwear Association in a statement released Monday, adding that it is "severely disappointed" by the latest tariff threat, which covers products "including clothing, shoes, and other textiles."

"This is a self-inflicted wound that will be catastrophic for the nation's economy," said Rick Helfenbein, president and CEO of the association.

"By tightening the noose and pulling more consumer items into the trade war, the President has shown that he is not concerned with raising taxes on American families, or threatening millions of American jobs that are dependent on global value chains," he added.

According to the Information Technology Industry Council (ITI), a Washington-based trade association representing companies from the information and communications technology industry, additional tariffs are counterproductive.

"Additional tariffs threaten to needlessly escalate this conflict and diminish the prospects for addressing longstanding trade issues with China," Wilson added.

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  • ID : 8110806
  • Published : 2019-05-15 17:17
  • Last Modified : 2019-05-15 19:54:07
  • Location : United States
  • Category : economy, business and finance
  • Duration : 1'34
  • Audio Language : Nats/Part Mute
  • Source : China Central Television (CCTV)
  • Restrictions : No access Chinese mainland
  • Version : 4

USA-Tariffs/Negative Impact

American industry insiders warn of tariffs' negative impact on U.S. economy

Dateline : May 15, 2019/File

Location : United States

Duration : 1'34

  • English


USA - May 15, 2019 (CCTV - No access Chinese mainland)
1. Screenshot of research "Tracking the Economic Impact of U.S. Tariffs and Retaliatory Actions" by Tax Foundation

FILE: Washington D.C., USA - Exact Date Unknown (CCTV - No access Chinese mainland)
2. White House
3. Capitol Hill
4. National Flag of United States

USA - May 15, 2019 (CCTV - No access Chinese mainland)
5. Screenshot of statement by National Retail Federation
6. Screenshot of statement by Consumer Technology Association
7. Screenshot of statement by American Apparel and Footwear Association
8. Screenshot of statement by Information Technology Industry Council

FILE: New York City, USA - Date Unknown (CCTV - No access Chinese mainland)
9. Various of pedestrians
10. Various of clothes store, shoppers

FILE: Chicago, USA - Aug 1, 2015 (CCTV - No access Chinese mainland)
11. Various of shoppers at supermarkets; plastic bags on cashier's counter

FILE: Los Angeles, USA - Nov 9, 2017 (CCTV - No access Chinese mainland)
12. Various of containers at port


A tax research institute and several industrial associations in the United States have warned of the negative impacts brought by tariff increase to domestic economy and people's daily life.

According to a research conducted by Tax Foundation, a leading independent tax policy nonprofit in the United States, tariffs planned and imposed by the Trump administration so far "would reduce long-run GDP by 0.21 percent (52 billion U.S. dollars)" while eliminating more than 160,000 full-time jobs. The situation will worsen considering countermeasures from other countries including China, Mexico, Canada, India, Turkey as well as the EU.

The research also warned that if all tariffs announced so far were fully imposed, the country's GDP would fall by 0.75 percent in the long run, which means a loss of 188 billion U.S. dollars.

The United States announced to increase tariffs on 200 billion U.S. dollars' worth of Chinese goods from 10 percent to 25 percent as of May 10. And on Monday, the U.S. unveiled a list of additional Chinese imports of 300 billion U.S. dollars that it plans to slap tariffs on.

The tariff hike has triggered serious concern among industrial associations in different sectors in the United States.

The National Retail Federation said in a statement that the tariff escalation is "far too great a gamble for the U.S. economy".

"Slapping tariffs on everything U.S. companies import from China -- goods that support U.S. manufacturing and provide consumers with affordable products -- will jeopardize American jobs and increase costs for consumers," said Matthew Shay, president and CEO of the association, in the statement.

The federation cited an estimate by the "Tariffs Hurt the Heartland" campaign as saying that imposing tariffs of 25 percent on all remaining imports from China, combined with the impact of retaliation, would jeopardize more than 2 million American jobs, cost the average U.S. family 2,300 dollars each year.

The Consumer Technology Association said tech products account for more than half of the 300 billion dollars' worth of products that are now subject to the administration's new tariff threat.

"This immense round of tariffs is exponentially worse for our country," it said. "China is one of the top export markets for American technology -- and its retaliatory tariffs will choke U.S. job creation and global sales for American manufacturers and innovators."

Tariffs are taxes paid by Americans, not China, said the association. "Raising tariffs in this questionably legal fashion hurts American families, workers and businesses."

The new tariff measures are "catastrophic for the U.S. economy," said the American Apparel and Footwear Association in a statement released Monday, adding that it is "severely disappointed" by the latest tariff threat, which covers products "including clothing, shoes, and other textiles."

"This is a self-inflicted wound that will be catastrophic for the nation's economy," said Rick Helfenbein, president and CEO of the association.

"By tightening the noose and pulling more consumer items into the trade war, the President has shown that he is not concerned with raising taxes on American families, or threatening millions of American jobs that are dependent on global value chains," he added.

According to the Information Technology Industry Council (ITI), a Washington-based trade association representing companies from the information and communications technology industry, additional tariffs are counterproductive.

"Additional tariffs threaten to needlessly escalate this conflict and diminish the prospects for addressing longstanding trade issues with China," Wilson added.

ID : 8110806

Published : 2019-05-15 17:17

Last Modified : 2019-05-15 19:54:07

Source : China Central Television (CCTV)

Restrictions : No access Chinese mainland

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