The impact that COVID-19 is having on tariffs and trade continues to have severe consequences on the American economy.
Tariff worries have hit a record high amid the coronavirus outbreak.
“About seven in 10 people said they were at least somewhat concerned about tariffs in March, according to the latest survey from CivicScience provided first to Axios.”
That’s the highest number reported since the company started tracking the data.
One of the most efficient actions that President Trump and Treasury Secretary Steven Mnuchin can take in order to help businesses survive is to defer tariff duties. PVH Corporation CEO Manny Chirico echoed this notion on CNBC’s “Squawk Box”:
“85% of our business is shut down and where the government could help is on the liquidity side.”
In CNN, Mary Lovely, professor of economics at Syracuse University and non-resident senior fellow at the Peterson Institute for International Economics, laid out several examples of why leaders in Washington should not overlook one simple and effective tool in combating COVID-19: suspending the remaining tariffs on Chinese imports.
“With Americans facing the unprecedented challenges of Covid-19 containment, and the deep recession that is expected to follow, it is time for President Trump to end a harmful policy that has outlived any usefulness.”
Former Wisconsin Governor Scott McCallum agrees. The governor wrote in Real Clear Politicsthat eliminating tariffs completely is a smart strategy for the Trump Administration to take in order to give American businesses and consumers relief during this pandemic:
“As President Trump considers plans to help the economy during this period, ending tariffs with a strong trade deal that holds China accountable should be on the table. In addition to other measures, it would provide immediate relief to many of those who are on the front lines of this health crisis.”
The time is now to end tariffs.