Tariff Increase to Have Negative Impact on Economy
WESLACO - Trade tariffs are on the rise after the president increased tariffs on $200 billion worth of Chinese goods from 10% to 25%.
CHANNEL 5 NEWS spoke to University of Texas Rio Grande Valley Economics Professor Salvador Contreras.
Contreras says the back-and-forth between the U.S. and China will have a negative impact as time goes on.
“The market is telling you that they're worried, and if they're worried maybe the average American should also be worried," he says.
China plans to raise tariffs on certain U.S. goods starting in June if nothing changes.
The U.S. plans on increasing its tariffs an additional $300 billion worth of Chinese goods.