The International Monetary Fund has cut its 2019 growth forecast for the US economy from 2.7 to 2.5 per cent as President Trump’s trade policies are likely to harm domestic and international growth. In a recent interview with Lesley Stahl on “60 Minutes,” President Donald Trump expressed his plan to impose more tariffs on China. Trump has already imposed $250 billion in tariffs on products imported into the U.S. It further plans to impose 25 percent tariffs on steel dumping and 10 per cent on aluminum dumping.
China has retaliated against the tariffs and will further retaliate against any additional tariffs. Multiple industries have felt the impact of this trade war and retailers are likely to pass on the costs to consumers to mitigate the tariff effects.
