"Contrary to the assertion that new tariffs and trade restrictions are making our economy stronger, almost none of our companies see it as a positive," Business Roundtable President Josh Bolten, the former chief of staff to President George W. Bush, said on a call with reporters. "These negative effects have important implications, not only for our member companies but their suppliers, many of which are small and medium-sized businesses."
The survey's findings mirror the assessments of C-suite executives during summer earnings calls, many of whom predicted increasing fallout from Trump's imposition of double-digit duties on metals, levies on $250 billion of Chinese imports and threats to impose levies on auto imports.And Cummins, a Fortune 200 company in the power-generation business, says tariffs on Chinese goods is going to cost it $100 million this year.
Farmers in Tennessee and Illinois are feeling the harmful effects of tariffs.
The Coalition of American Metal Manufacturers and Users has it right: tariffs are taxes.
As I've asked before, how do things go when Kudlow and Moore are in the same room with Peter Navarro and Wilbur Ross, vying for the ear of the Very Stable Genius? It appears the VSG instinctively goes with the latter, given his taste for confrontation.