US Edition
Trump Duties to Decimate China Profits, Says Bloomberg Economics
UNITED STATES, JUL 18 – The United Nations warns that tariffs have disrupted global supply chains and investment, with Moody's Analytics forecasting a nearly 48% chance of US recession amid escalating trade tensions.
- Over 100 days ago, President Donald Trump introduced extensive tariffs that have raised the overall tariff level on imports to 20.6%, marking the highest point in more than a century, significantly impacting both global commerce and US-China relations.
- Bloomberg Economics found that most Chinese industries cannot survive current tariff levels near 40%, as nearly half rely on overseas markets which now face steep levies.
- Tariffs have caused price increases, including a 2.7% rise in consumer prices in June and a sixfold jump in toy prices, while also generating over $100 billion in US tariff revenue this year.
- Analysts caution company commitments to invest in US production have long horizons and may not fully offset supply chain disruptions, while Dr. Chalmers at the G20 described tariffs as the 'defining influence' on economic talks.
- The tariffs’ impact suggests risks of slowed growth, higher unemployment which rose to 4.3% in June, and potential global recession pressures, although some domestic demand and government support in China may partially cushion effects.
13 Articles
13 Articles
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