Jin S. Lee
- Mark Cuban dismissed US tariffs on Chinese goods as pointless and called for them to be scrapped in a tweet on Monday night.
- “It makes zero sense to continue tariffs,” the tech billionaire tweeted. “Time to stop them immediately.”
- Cuban’s comments were in response to a CivicScience survey that found 71% of Americans are concerned about the impact of tariffs and other trade policies on their household expenses during the coronavirus pandemic.
- President Donald Trump floated the idea of expanding tariffs on Chinese goods last week, potentially reigniting the US-China trade war.
- Visit Business Insider’s homepage for more stories.
Tech billionaire Mark Cuban called for an end to US tariffs on Chinese goods on Monday night, pointing to mounting pressure on household budgets during the coronavirus pandemic.
“It makes zero sense to continue tariffs,” the “Shark Tank” star and owner of the Dallas Mavericks tweeted.
“Time to stop them immediately,” he added. “Let’s use American Technology and Innovation to kick China’s ass.”
Cuban tweeted in relation to a CivicScience survey in April of more than 49,000 Americans, which found 71% of them are at least somewhat concerned about the impact of trade policies and tariffs on their household expenses. More than 90% of those concerned are also worried about the US economy and jobs, and almost 60% are spending less as the coronavirus pandemic rages on.
Imposing tariffs on goods from China raises the cost of importing them, hurting Chinese exports and making domestic products comparatively more attractive. However, companies may continue importing them and simply pass on their increased costs to American consumers by raising prices, hitting household budgets.
Reigniting the trade war
Instead of scrapping tariffs on Chinese goods, the US may be preparing to expand them.
A reporter asked President Donald Trump last week whether he could halt debt payments to China as punishment for the coronavirus outbreak.
“I can do the same thing, but even for more money just by putting on tariffs,” Trump replied, according to The Wall Street Journal.
The president hinted at retaliation again at a Fox News town hall on Sunday.
“It’s the ultimate punishment. I will tell you that,” he said. “I don’t like to tell you what because we’re all playing a very complicated game of chess or poker.”
However, administration officials downplayed the prospect of fresh tariffs on Monday. “The US isn’t looking at punitive measures here,” Matthew Pottinger, a deputy national security adviser, said during an online conference, The Wall Street Journal reported.
Treasury Secretary Steve Mnuchin also said on Fox Business Network that he expected China to honor the trade deal it signed with the US in January.
