By Paul Wiseman and Joyce M. Rosenberg, Associated Press Thursday, June 6, 2019 | 9:39 a.m. WASHINGTON — Ten billion here, ten billion there: President Donald Trump’s escalating tariffs on imports to the United States have begun to amount to serious money — and potentially to imperil one of the most resilient economies in American history. Until now, the economy has largely shrugged off damage from Trump’s trade wars. Even as the self-proclaimed Tariff Man piled import taxes on everything from Turkish steel to Canadian aluminum to Chinese burglar alarms, the job market has remained sturdy, with unemployment (3.6 at its lowest point in a half-century. In July, the expansion that followed the Great Recession will become the longest on records dating to 1854. But over the past month, Trump has made a higher-stakes gamble on the economy’s durability. He’s more than doubled tariffs on $200 billion in Chinese imports. He’s preparing to tax an additional $300 billion in goods from China, extending his import taxes to everything Beijing sells to the United States. And in a move that alarmed some of his own advisers and caught investors by surprise, Trump said he would impose a 5% tax on Mexican… Read full this story
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