Donald Trump’s top trade officials are attempting to reassure US voters they would feel no ill effects from the decision to slap a fresh round of tariffs on China, even as companies and some Republicans warned of escalating economic damage stemming from the president’s trade war.
Wilbur Ross, the commerce secretary, told CNBC on Tuesday the 10 per cent tariff being imposed on $200bn of Chinese imports would be spread over thousands of products, meaning that “nobody is actually going to notice it at the end of the day”.
Peter Navarro, the president’s trade adviser, argued on National Public Radio that far from inflicting pain, the tariffs would buoy investment and wages in the US, pointing to the strong performance of the US stock market as evidence of the benefits.