The Trump administration's latest round of tariffs on Chinese imports took effect early Sunday, potentially raising prices Americans pay for some clothes, shoes, sporting goods and other consumer goods.
The United States and China on Sunday put in place their latest tariff increases on each other's goods, potentially raising prices Americans pay for some clothes, shoes, sporting goods and other consumer items before the holiday shopping season.
"We have got a great economy," said Sen. Pat Toomey, R-Pa."But I do think that the uncertainty caused by volatile tariff situation and this developing trade war could jeopardize that strength, and that growth, and that is I think that's a legitimate concern," he told ABC's"This Week." After Sunday's move, 87% of textiles and clothing the United States buys from China and 52% of shoes will be subject to import taxes.
"I give the president credit for challenging China on some of its really egregious behavior" on intellectual property and technology transfers, for example, Toomey said. He said he hopes that's what Trump's focus is,"not just the fact that Chinese clothing and shoes are popular among consumers. That's not the problem."
"To take on China there has to be a multilateral approach. One country can't take on China to try to dry up its overcapacity because they just send it through to you in other ways," he said. That cost could weaken an already slowing U.S. economy. Though consumer spending grew last quarter at its fastest pace in five years, the overall economy expanded at just a modest 2% annual rate, down from a 3.1% rate in the first three months of the year.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Naomi Osaka Comforts 15-Year-Old Coco Gauff After US Open Match, Like a True ChampionThese are the athletes we want the next generation to look up to.
Consulte Mais informação »
Trump says the US wasn't involved in apparent launch pad explosion in IranA U.S. defense official told CNBC that the picture tweeted by Trump, which appeared to be a snapshot of a physical copy of the satellite image, was included in a Friday intelligence briefing.
Consulte Mais informação »
Trump denies U.S. responsibility for destruction of Iranian rocket launchPresident Trump denied responsibility for the destruction of an Iranian satellite on the launchpad, releasing an unusual high-resolution aerial photo of the debris.
Consulte Mais informação »
Sen. Murphy: Trump antics seriously damaging US world standingSenator Chris Murphy talks with Rachel Maddow about how the rest of the world, including America's closest allies, are learning to work around the United States under Donald Trump, a loss of standing that may be impossible to recover.
Consulte Mais informação »
Trump attacks 'Will & Grace' star Debra Messing as U.S. braces for Hurricane DorianPresident Trump took a swipe at Hollywood actress Debra Messing after the “Will & Grace” star praised an Alabama church sign that read “a black vote for Trump is mental illness.”
Consulte Mais informação »