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    Majority of Economists Think Tariffs to Harm US Economy - Survey

    © AFP 2018 / BRENDAN SMIALOWSKI
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    WASHINGTON (Sputnik) - More than 90 percent of economists believe tariffs will have a negative effect on the US economy, a poll conducted by the National Association for Business Economics (NABE) showed on Monday.

    "Over 90 percent of the NABE Policy Survey panel considers current tariffs and threats of tariffs as having unfavorable consequential impacts on the US economy," the association's Vice President Kevin Swift said in a press release announcing the release of the August 2018 NABE policy survey.

    According to 66 percent of those surveyed, withdrawing from the North American Free Trade Agreement (NAFTA) would also have a negative impact on the US economy.

    READ MORE: Erdogan: Attack on Turkish Economy is No Different From Attack on Flag

    The United States, Mexico and Canada began renegotiating NAFTA after President Donald Trump threatened to withdraw from the trade deal unless changes are made to better serve US interests.

    The NABE survey also revealed that most economists think Trump's actions on immigration will have an unfavorable impact on the US economy.

    The Trump administration has sought to crack down on illegal immigration and has declared a "zero tolerance" policy toward migrants who enter the United States illegally.

    Earlier this year, the United States has imposed aluminum and steel tariffs and is now facing retaliatory duties from many of those countries, including China and Turkey.

    Turkey's national currency lost almost 20 percent of its value after the United States has imposed sanctions on two Turkish government ministers and doubled tariffs on Turkish steel and aluminum imports. Turkey retaliated with some $533 million of tariffs on US imports — including cars, tobacco and alcoholic drinks — and threatened to boycott US electronic goods, above all iPhones.

    Washington and Beijing have imposed billions of dollars worth of tariffs on each other's imports in an escalating trade row.

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    Tags:
    steel tariffs, steel, import, economy, trade war, NAFTA, Donald Trump, United States
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