The News
Trade between the US and China plummeted and firms slashed investment as Washington’s tariffs rippled through the global economy.
Cargo being shipped from China to the US “is collapsing,” Apollo’s chief economist noted, which he said would soon translate to higher inflation for Americans. Meanwhile, companies are cutting business travel and consultant fees and slowing hiring, The Wall Street Journal reported.
Consumers will soon be affected: A former economic adviser to US President Donald Trump said the poor would be among those hardest hit by the “highly regressive” tariffs, and businesses putting in orders for Christmas gifts — 80% of the $30 billion worth of toys sold in the US are made in China — are worried about price hikes and shortages.