May 5, 2020 - Economy & Business
American concern about tariffs hits new record high
Concern about President Trump's tariffs on U.S. imports of Chinese goods hit its highest level on record in April, as the coronavirus pandemic caused more Americans to fear the their' impact on household finances, according to the latest survey from CivicScience.
Where it stands: The tariffs remain a massive tax on American businesses and individuals at a time when Congress and the Federal Reserve are expending trillions of dollars to offset the negative economic shock of the virus.
- Trump said in an interview Sunday that he was considering adding further duties, which he called the “ultimate punishment,” and threatened to walk away from the "phase one" trade deal with China.
Reality check: The tariffs have wiped out the lion's share of average American households' savings from the 2017 tax cut, as Bloomberg noted in June.
- And the president’s tariffs rank "as one of the biggest tax increases in decades," CNBC reported in May, citing data from the Treasury Department.
Go deeper: Businesses say China tariffs contributing to hand sanitizer shortages