Business economists say trump tariffs will harm us economy

Yes, many business economists and experts have expressed concerns that the tariffs imposed by the Trump administration will harm the US economy. Here are some of the reasons why:

1. Rising costs: Tariffs increase the cost of imported goods, which can lead to higher prices for consumers and reduced competitiveness for US businesses that rely on imports.
2. Inflation: Tariffs can lead to higher prices for goods and services, which can fuel inflation and reduce the purchasing power of consumers.
3. Job losses: Tariffs can lead to job losses in industries that rely on imports, such as manufacturing and retail.
4. Supply chain disruptions: Tariffs can disrupt global supply chains, leading to shortages and delays in the delivery of goods.
5. Reduced economic growth: The International Monetary Fund (IMF) has estimated that the tariffs imposed by the Trump administration could reduce global economic growth by 0.5% to 1.5% in 2020.
6. Trade retaliation: Tariffs can lead to retaliatory measures from other countries, which can further escalate the trade war and harm the US economy.
7. Uncertainty: The uncertainty surrounding the tariffs and the trade war can lead to reduced investment, reduced consumer spending, and reduced economic growth.

Some of the specific concerns raised by business economists and experts include:

• The tariffs on steel and aluminum, which were imposed in March 2018, have led to higher costs for US manufacturers and could lead to job losses.
• The tariffs on Chinese goods, which were imposed in July 2018, have led to higher prices for consumers and could lead to reduced competitiveness for US businesses that rely on imports from China.
• The tariffs on autos and auto parts, which were imposed in May 2019, could lead to higher prices for consumers and reduced investment in the US auto industry.
• The tariffs on soybeans and other agricultural products, which were imposed in July 2018, have led to reduced exports and reduced farm incomes.

Some of the organizations that have expressed concerns about the tariffs include:

• The National Association of Manufacturers (NAM)
• The Chamber of Commerce
• The National Retail Federation (NRF)
• The American Farm Bureau Federation (AFBF)
• The International Trade Association (ITA)
• The Economic Policy Institute (EPI)
• The Brookings Institution

It's worth noting that some economists and experts have argued that the tariffs could have some benefits, such as increasing domestic production and reducing the trade deficit. However, the majority of the evidence suggests that the tariffs will have negative effects on the US economy.