On this day in 1832, Black Hawk meets defeat on the second and final day of the Battle of Bad Axe.
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Andrea Shalal and Nandita Bose report U.S. retailers blast new China tariffs, say move will raise prices further, hurt jobs:
President Donald Trump’s threat to impose 10% tariffs on the remaining $300 billion of Chinese imports from Sept. 1 will hurt consumer purchases, raise prices further and limit hiring, four large retail trade groups warned on Thursday.
Trump on Thursday moved to impose fresh tariffs after U.S. and Chinese negotiators failed to kick-start trade talks between the world’s two largest economies.
The National Retail Federation, which counts Walmart Inc (WMT.N) and Amazon.com Inc (AMZN.O) among its members, called the decision to impose new tariffs a flawed strategy that will hurt American consumers.
“We are disappointed the administration is doubling-down on a flawed tariff strategy that is already slowing U.S. economic growth, creating uncertainty and discouraging investment,” Senior Vice President for Government Relations David French said in a statement.
Another influential trade lobby, The Retail Industry Leaders Association (RILA), which counts retailers like Walmart, Target Corp (TGT.N) and Home Depot (HD.N) among its members, said the tariffs will raise prices for everyday items like clothing, toys, home goods and electronics.
Rachel Siegel reports Former top economic adviser Gary Cohn says Trump’s trade war is hurting the U.S. economy:
Gary Cohn, who left the administration last year amid an internal clash over Trump’s protectionist trade policies, told the BBC that the trade battle was having a “dramatic impact” on American manufacturing and that it offered a “convenient excuse” for China to slow down its economy. Cohn said the Chinese economy “is driven by credit and credit availability,” which is determined by the central government.
“They can turn credit on and they can turn credit off,” Cohn said. “They needed to slow down an overheated economy where prices and real estate prices and everything were getting out of hand. I think President Trump provided that excuse for the Chinese.”
Cohn emphasized that “everyone loses in a trade war.” Constant uncertainty about tariffs stops businesses from investing, he said, and tariffs drive up the cost of importing crucial products from China, negating the intended benefits of Trump’s tax cuts. And the U.S. isn’t creating manufacturing jobs, he added.
“When you build plant equipment, you’re buying steel, you’re buying aluminum, you’re buying imported products and then we put tariffs on those, so literally the tax incentive we gave you with one hand was taken away with the other hand,” Cohn said.