After abandoning its initial goals with China, U.S. officials hope for a modest deal to limit the economic damage caused by Trump’s tariffs.
concluded, “When adding the tariffs in effect and the tariffs set to go into effect by the end of 2019 . . . the tariffs will cost the average household $2,031 per year.”
Bryan Riley, director of the National Taxpayers Union's Free Trade Initiative, agrees with Griswold. “The initial stated objective was to investigate China's practices regarding technology transfer, intellectual property and innovation,” Riley told me in an interview. “Some have suggested that the real purpose was to come up with a justification to impose tariffs. In any case, the result has been more tariffs and no change in China's practices.
“Initially many people were willing to give President Trump's approach time, but as time goes by with no resolution, the costs continue to mount,” said Bryan Riley. “Both sides would benefit from a face-saving deal that reduces the new barriers that have been imposed.”
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