Both candidates’ trade plans focus on tariffs on imported Chinese goods even as economists warn they could lead to higher prices.
Rup Rai works at a sewing machine on the production line at American Textile Company’s factory near Pittsburgh in Duquesne, Pa., on Thursday. Tariffs weigh heavy on the company as it depends on products from overseas. Both say tariffs are needed to promote domestic manufacturing.Did our AI help? Share your thoughts.
The Americans who paid the tariffs were people like Lance Ruttenberg, chief executive of American Textile Company, whose headquarters in Duquesne, Pa., stands where Andrew Carnegie once reigned over a steelmaking empire. The analysis of price data on 90,000 products found that major retailers escaped the full brunt of the tariffs by placing unusually large import orders between the announcement of the tariffs and their effective date, and by switching to suppliers outside China.was conducted by Alberto Cavallo of Harvard Business School, Gita Gopinath of the International Monetary Fund, Brent Neiman at the University of Chicago and Jenny Tang with the Federal Reserve Bank of Boston.
“I don't believe it'll be inflation,” Trump said, adding that his tariffs are intended to convince foreign companies to build new factories in the United States.
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