24 Jan Nike and Ford Caught in Crossfire of Trump’s Trade Overhaul
Trump on Monday signed papers that he said would fulfill promises to tackle trade policies immediately after taking office. During the campaign, Trump routinely derided the pacts as job-killers, calling TPP “a potential disaster” and saying Nafta was “one of the worst deals ever.” While the administration didn’t release the documents, the president has said he would prevent U.S. jobs from being outsourced and may impose punitive tariffs on imports.
TPP also would have generated savings for retailers such as Target Corp., Foot Locker Inc. and Wal-Mart Stores Inc. The cut in import costs would have been $450 million a year, according to the Footwear Distributors and Retailers of America.
“It won’t make people that happy if the price of tennis shoes goes up, if the price of clothing goes up and if the price of motor vehicles goes up,” said Donald Grimes, an economist at the University of Michigan. “That contradicts the idea of making people better off.”
Read the full article at: https://www.bloomberg.com/news/articles/2017-01-23/nike-and-ford-caught-in-crossfire-of-trump-s-free-trade-overhaul