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US lawmakers and businesses have sharply criticized the tariffs of up to 100%, warning they would raise prices for American businesses and consumers.
The government has collected an extra $50 billion in tariffs since the start of the China trade war, according to new data
Evidence shows tariffs are paid almost entirely by American businesses and consumers. That defies Trump's assertions.
The coronavirus outbreak has closed businesses across China and disrupted global supply chains, adding to existing doubts about steep purchase quotas.
Retaliatory tariffs will be reduced on $75 billion worth of US products including soybeans, pork and automobiles beginning February 14.
Chinese officials plan to halve duties on $75 billion worth of US goods.
Manufacturing cut 12,000 jobs in December. Mining shed 8,000. About 10,000 jobs were lost in transportation and warehousing.
Trump has long expressed frustration with the US trade balance and portrayed it as a scorecard of sorts in his economic battles.
The Trump administration finalizes rule that could shift tariff fights to $6 trillion currency market
Past administrations have avoided such a policy because they argued that the determination process was flawed and could start damaging currency wars.
Kudlow estimated that the overall economic impact in the US would be "minimal," adding that it could "spur some business investment in equipment."
Farm bankruptcies rose by nearly 20% last year, according to court filings reviewed by the American Farm Bureau.