City
Epaper

US tariff hikes hit low-income citizens: 2020 candidate

By IANS | Updated: August 30, 2019 13:10 IST

The US tariff hikes on massive Chinese imports were tax increases for American consumers and businesses, which hit low-income Americans and exporters, Democratic presidential candidate Beto O'Rourke has said.

Open in App

Adding extra tariffs on roughly $550 billion worth of Chinese goods is "hitting low-income Americans especially hard" and "an attack on US exporters", O'Rourke wrote in an article published on Thursday on Medium.com, a blog host website.

The tariffs "have driven up the price of imported intermediate parts, made the dollar less competitive, and caused other countries to retaliate against us with their own tariffs", he said.

US goods deficit with China stood at an annually adjusted $30.2 billion in June, widening from $30.1 billion in the previous month, according to the Commerce Department's latest report, Xinhua news agency reported.

"(President Donald) Trump started his trade war with China to reduce the US trade deficit, but the deficit is rising, not shrinking," said O'Rourke.

US overall trade deficit increased to $982.5 billions in the second quarter, and trade chopped 0.72 percentage point from the 2 per cent GDP growth in the three-month period, according to the Commerce Department's revised GDP report released on Thursday.

O'Rourke in his article also highlighted the tariffs' harm to the US agriculture sector.

The tariffs, he said, "have been a disaster for American farmers and ranchers, destroying their long-standing relationships with customers abroad and forcing many family farms into bankruptcy".

( With inputs from IANS )

Tags: usOrourkeCommerce DepartmentchinaDonald
Open in App

Related Stories

InternationalChina Drafts New Regulations To Curb Risks Of Human-Like AI Interactions

InternationalIdaho Shooting: 2 Shot at Shoshone County Sheriff's Office in Wallace; Suspect Killed

Social ViralSanta Spotted in US Skies? Netizens Report Red Sleigh Seen Over Multiple Cities (Watch Videos)

InternationalIndian Vlogger Detained for 15 Hours at Chinese Airport Over Arunachal Pradesh Stance

InternationalNorth Carolina Plane Crash: Retired NASCAR Driver Greg Biffle and Family Among Seven Killed in Statesville Jet Crash

कारोबार Realted Stories

BusinessNifty 50 emerges top performer on NSE with 10.5% return in 1 year, Nifty next 50 surges only 2%: NSE

BusinessTN allocates Rs 248.44 cr for Pongal gift hampers; decision on cash component awaited

BusinessFrom Captain to K-Kick: Kerala’s accidental comedy festival in a brandy bottle

BusinessPRAGATI changed governance culture, sped up Rs 85 lakh crore projects: PM Modi

BusinessHow rural women in Chhattisgarh’s Sarkada achieved financial independence