Poll: 71% of Business Owners Support Additional Tariffs on China
A just-released UBS poll shows that a sizable majority of both large and small business owners support the president’s Economic Doctrine of placing additional tariffs on China. Most even support increased tariffs on Mexico, Canada, and our European allies.
The poll reveals an astounding 71% of business owners support President Trump’s use of tariffs as a negotiating tactic against China’s unfair trade practices.
To actually understand where America stands within the global market, one needs to understand some extremely simple economic principles that apparently past administrations willfully ignored. Since 1975, the United States has had the distinction of having the largest trade deficit of any nation on earth, ballooning in 2017 to a staggering 566 billion dollars.
This brings us to China’s trade deficit with America, currently standing at an astounding 376 billion dollars, with Mexico at 71 billion dollars, Canada at 18 billion dollars, and both Japan and Germany around 67-billion dollars each.
The survey also found that 88% believe China engages in unfair trade practices. While almost 70% are concerned that adding additional tariffs on China might start a trade war. Almost half of those business owners surveyed say a trade war would be bad for our economy.
UBS interviewed 501 high net worth investors and 300 business owners making at least $250k in annual revenue and with at least one other employee other than themselves. Business owners worked in more than 20 industries. There’s a 6% margin of error for business owners and 4.5% for investors.”
With the U.S. economy booming, the president felt this would be the perfect time to demand a more level trading partnership with China. However, the naysayers, which include many RINO’s within the Republican Party have harshly criticized the president’s bold actions. This poll illustrates the overwhelming support by the business community and also the nuances of public opinion regarding this complex issue.
One likely reason for the support for tariffs is that business owners tend to be more U.S. focused. Moreover, the perception of additional trade barriers resulting from tariffs would mean less competition from China, Mexico, and Canada in the short term.
However, among the general public, the president’s aggressive approach to solving the critical trade imbalance doesn’t seem to resonate, having few allies among the political establishment – even with those leaders within his own party.
In a recent tweet, the president responded to those individuals within the political establishment, citing those within government on both sides of the political aisle who’ve allowed China for countless years to take advantage of America, by underwriting “stupid” trade deals.
Several months ago the President began evening out the imbalance by slapping trade sanctions on China, including restricting their investments within the United States and adding 60 billion dollars in tariffs on their imports.
In many of the president’s campaign-style rallies, Trump has talked about the unfair trade deals made by past administration, noting how China has taken advantage of us, first by stealing our intellectual properties, then by imposing harsh tariffs on our imports.
As an example, the president cited how China imposes a 25% tariff on US cars while the US only has a 2.5% duty on Chinese cars. “They charge us, we charge the same thing,” said Trump.