6.7 C
New York
Wednesday, March 22, 2023

U.S. trade official downplays effects of new tariffs: CNBC

U.S. trade official downplays effects of new tariffs: CNBC© Reuters. White House trade and manufacturing adviser Peter Navarro, a member of the U.S. trade delegation to China, leaves a hotel in Beijing

WASHINGTON (Reuters) – White House trade adviser Peter Navarro told CNBC on Thursday that U.S. President Donald Trump’s trade strategy with China, which includes levying new tariffs that have sparked a trade clash, is not as disruptive as many describe.

“We got two economies that add up to around $30 trillion in annual GDP. The amount of trade we’re affecting with the tariffs is a rounding error compared to that,” he said during an interview at the White House.

“My point is that it’s much less disruptive than these headlines would suggest, and it’s much more constructive as we see the adjustments made in terms of where investment is going to go and where we’re going to build.”

White House officials are giving CNBC a series of interviews as part of the administration’s rollout of a new workforce initiative.

Kevin Hassett, chairman of the Council of Economic Advisers, told CNBC the new tariffs only affect a small portion of imports and that so far they have not had a widespread negative effect on the economy.

“Anecdotally there are some disruptions and I understand that. And there’s some retaliation going on,” he said, adding that despite price increases in steel he had not seen layoffs in steel-consuming industries. “The things that we’ve been looking for that are the key indicators are not showing signs of anything serious yet.”

Hassett said 4 percent of imports are affected by the tariffs.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

- Advertisement -

Latest Articles

Popular Articles