Previous reports have suggested administration officials were considering suspending tariffs to stimulate the U.S. economy. However, the top trade adviser for the White House, Peter Navarro, says the Trump administration isn’t considering that right now. A Marketplace.Org report says tariffs are taxes on imported goods that American companies and consumers always wind up paying. The head of the Coalition for a Prosperous America says a lot of the duties were first implemented because many imports were being subsidized or otherwise traded unfairly, injuring American companies and their ability to do business.
Economists ranging from the Federal Reserve through the private sector have compared how much the tariffs have benefited the economy against how much difficulty they bring as well. “Tariffs cause more losers than winners,” says Dan North, senior economist for a group that provides trade credit insurance. “it’s a significant drag on the economy, especially in the current environment.” Mary Lovely, a professor of economics at Syracuse University, says a suspension would be aimed at U.S. manufacturers that import the items needed to assemble new goods.