US-China 'tariff war' tough on importers as supply chain costs rocket
Attempts by businesses to reduce their dependence on Chinese imports are becoming more difficult as ...
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By Alex Lennane
The US will not be putting tariffs on EU automotive goods, according to European Commission president Jean-Claude Juncker. This follows the news that US consumers and businesses paid an additional $38bn on tariffed products between February 2018 and September 2019. The tariffs on China will cost US households up to $1,000 a year, according to JP Morgan, while Moody’s estimated that the tariffs had reduced US employment by 300,000.
Mr Juncker told German newspaper Suddeutsche Zeitung that there would be no automobile tariffs – although “Trump will ruffle a bit”, he added. Bloomberg reports.
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