US will keep tariffs on China even if coronavirus starts hurting growth, White House trade adviser Peter Navarro says - CNBC
killed at least 132 peopleCompanies in China have shut down stores, factories and closed offices as the country works to contain the spread of the virus. Some have warned of severe disruption to supply chains in China, with at least American CEO predictingNavarro's comments on CNBC come hours after President Donald Trump signed into law the new version of the North American Free Trade Agreement, making Canada the final country that needs to ratify it.
The U.S. and China have been engaging in a long-running trade war in which each side has placed billions of dollars' worth of tariffs on each other's goods.While it contained measures on issues such as intellectual property theft and Chinese market access, it did not include a whole-scale rolling back of tariffs, which"We're leaving tariffs on, but I will agree to take those tariffs off if we are able to do 'phase two,'" Trump said at the time.
On the subject of removing tariffs due to the coronavirus, Navarro said, "Let's remember why the tariffs are in place." "The tariffs are in place because China engages in massive unfair subsidies. They use their state-owned enterprises to put American companies and workers out of business," he said. "And the tariffs also ensure that we come back for phase two."
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