Ordinary Americans cannot live without ‘made-in-China’ goods

Beijing. April 6. Silkroadnews - Ordinary Americans cannot live without ‘made-in-China’ goods, “People’s Daily” reported on the results of the survey made
According to publication, if the Trump administration imposes $60 billion in tariffs on Chinese commodities, the move will influence all Americans, New York Daily News pointed out in a recent report.
The US National Retail Federation was of the same opinion in an open letter to President Donald Trump.
Over 41% of clothing, 72% of footwear and 84% of travel goods in the US market are produced in China. Growth of tariffs on these goods will be equivalent to an increase in taxes for the US buyers, the letter said.
Many respondents interviewed during the survey agreed that the prices for goods will grow with the new tariff policy, making the Americans to pay for the consequences on the tariffs imposed.
In 2017, the US imported 2.38 billion pairs of shoes worth more than $25 billion, while its domestic manufacturers supplied only 25 million pairs, the statistics by the US Footwear Distributors and Retailers Association said. The association noted that the price of a pair of Nike sneakers, which are now sold at $160, will increase to $200 or more with the tariffs introduction. At the same time, sports shoes, which are mainly made in China, cost about $100.
A large number of imported Chinese goods are of good quality and lower prices for Walmart customers. If there is indeed a sharp rise in prices for daily necessities, such as clothing and bedding, families with low and middle income will face a greater increase in living expenses than other classes, senior fellow at the Peterson Institute for International Economics, Chad Bown said.
Over the past 40 years, China and the United States have established close economic and trade relations. According to Richard Cooper, professor of international economics at Harvard University, the trade war will be disastrous for both countries.
He noted, any trade war can affect the US households, as well as importers of intermediate goods from China. For example, steel is not used by end-users, but high tariffs will harm the downstream users.
The new tariff policy will lead to the loss of hundreds of thousands of jobs in the US, according to United States Global Partners, an international trading and business consulting company based in the United States.
The company noted that more than 26,000 new jobs in the steel and aluminum industries will be created after import tariffs are imposed on Chinese imports, but a much larger number - almost 500,000 - from related industries such as aviation, auto manufacturing, construction and electronics, will lose their jobs due to rising costs.
Back in 2002, US President George W. Bush announced an 8-30% increase in tariffs for Chinese steel products imported into the US, but the move made a negative impact on employment and was canceled after a year and a half.
Public figures of both countries believe that China and the United States have been closely intertwined economically. Cooperation leads to mutual benefit, while confrontation will only hurt both sides.