During the campaign, one of the central themes of Donald Trump’s economic plans was to raise tariffs. And this time not just on selected countries or products, but across the board. Trump suggested to slap a 10 to 20-percent tariff on all imports and to top it off with a 60-percent tariff on all things coming from China, one of the most important trade partners of the U.S.
According to the U.S. Census Bureau, imports from China amounted to $427 billion last year, trailing only Mexico, which exported $475 billion worth of goods to its northerly neighbor. Raising a 60-percent tariff on Chinese goods would not only hurt U.S. consumers, who would likely end up paying higher prices, but also businesses, who rely on critical inputs from China and would have to re-think their entire supply chain.
