"Since these tariffs have been in place, several US companies, including Coca-Cola and Winnebago, have said they have been forced to raise prices on the consumer's".
As President Donald Trump continues to escalate the trade war with China, researchers fear the USA auto industry could be hit hard. There really are those around Trump (and elsewhere in Washington) who are encouraging his obsession with the American trade deficit with China for exactly that reason. But our position is that China's policies need to be revised to be more like that of a modern developed economy...fair market access for all. Some of the exported parts are imported back to us in the completed cars.
"(China) is not anxious that the US trade counter measures will raise domestic commodity prices by too much but will instead use it as an opportunity to replace imports, promote localisation or develop export-oriented advanced manufacturing", it said. Today's tariffs, said former USA trade official Holleyman, "may become the new normal".
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U.S. companies need to do more than complain anonymously about their poor treatment - and then subject themselves to it anyway.
In the long run higher prices for Chinese goods in the United States might damage its market share there, with negative effects on employment in China, but that's a slow process. The US businesses were exhausted of grand-sounding but unfulfilled promises about market opening, obstacles created to help Chinese competitors at their expense and rampant theft or extortion of their key technologies. Those places are most affected which depended on U.S. order books mainly. "This thing will last long".
Despite these trade tensions, Kemmsies said the ultimate outcome is quite positive, noting how you don't get something good for nothing and everything has a cost.
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"It has to cope with the economic fallout from the expanding trade war and try to limit the damage but has to be careful not be seen as caving in to US demands", he said.
"That is what we are dealing with now with these trade negotiations", he said.
"Attempts to help those hurt by globalization via higher taxes or other forms of protectionism, even if well meaning, will raise prices and hurt all consumers, especially poor and middle-class families", economist Satyam Panday of S&P Global Ratings, told The Post. We have given them such wealth. "We urge the administration to think twice before slapping on this round of tariffs". As Kemmsies observes, things can not stay on the same course, but the path to get where things need to be will surely not be a straight line.
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