The trade war with China is continuing to have a negative impact on American businesses, consumers, and manufacturers. According to data from Tariffs Hurt the Heartland, American taxpayers have paid over $68 billion since the beginning of the trade war.
The Biden Administration is reportedly assessing the trade war with China and the Phase One Trade Deal that was put forth by the Trump administration. According to Axios, the trade war has been a failure in every possible way.
“The trade war with China hurt the US economy and failed to achieve major policy goals,” a recent study commissioned by the U.S.-China Business Council argues, finding that the trade war reduced economic growth and cost the U.S. 245,000 jobs.”
Bill Gerhard, who is the president of the Iowa State Building and Construction Trades Council, echoed this sentiment in Business Insider and outlined the negative impact that tariffs and the trade war are having on American businesses and consumers:
“Americans are struggling, and the longer Trump’s tariffs remain, the worse the situation will get. President Biden has made it clear he wants to help American families navigate this crisis, and one of the most important ways we can work toward that goal is by eliminating the residual tariffs and bringing this trade war to a close.”
Other Democratic leaders agree. Bob Ziegelbauer, the county executive of Manitowoc County and a former Wisconsin Democratic state lawmaker wrote in the Wisconsin State Journal that President Biden “would be wise to begin his time in the White House by repealing tariffs and ending the trade war to put America’s economy on a stronger path to recovery.”
Leaders in Washington must prioritize ending the trade war with China as soon as possible so American businesses and workers can focus their attention on recovery efforts instead.
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