In a dramatic challenge to aggressive tariff policies, voices from across the American political and business scenes are raising alarms over potential economic impacts. The sweeping tariffs— including steep 145% levies on goods from the Chinese mainland—have sparked concerns of a possible recession.
Speaking in San Francisco, former Vice President Harris sharply criticized the measures as irresponsible and harmful. She argued that the current tariff strategy is using fear to chill innovation and is burdening workers, families, and businesses with higher costs.
In a recent interview with Financial Times, former Treasury Secretary Yellen echoed these warnings. She pointed out that nearly 40% of U.S. imports serve as essential production inputs, and warned that high tariffs could undermine the competitiveness of American industries. Yellen also noted that the U.S. clean energy sector, which relies heavily on critical minerals from the Chinese mainland, faces serious risks under these policies.
The controversy deepened as several states, led by California, filed lawsuits challenging the Trump administration's authority to implement such tariffs, arguing that the measures are both unlawful and economically damaging. Business groups, including the U.S. Chamber of Commerce, are calling for a swift tariff exclusion process to ease the strain on small businesses and prevent long-term market disruptions.
Even major retailers like Amazon have felt the pressure, with rising production costs forcing a rethink of pricing strategies. As critics warn that these measures could trigger lasting repercussions for the U.S. economy, the debate continues to heat up. Stay tuned as this unfolding economic drama impacts markets and everyday life! 😮🔥
Reference(s):
cgtn.com
