President Trump and China's President Xi reached an agreement at the G20 summit in Japan on Saturday to restart trade talks, the second ceasefire between the superpowers in two months. "We're right back on track, and we'll see what happens," Trump told reporters after an 80-minute meeting with Xi.
Despite the somewhat positive news that Trump would refrain from slapping new duties on an additional $300 billion worth of Chinese goods - which would have sparked a full-blown trade war. Americans have recently become irritated with Trump's tariffs and his self-proclaimed label as Tariff Man, new IBD/TIPP polling shows, and first reported by Investor's Business Daily.
The IBD/TIPP Poll covered 900 responses from June 20-27, 16% of respondents said Trump should increase tariffs if there's no China trade deal this summer. Another 33% said Trump should remove all tariffs on China, even if a near-term agreement can't be reached, while 44% said Trump should leave the duties in place.
While the President continues to insist that China pays the tariffs, Americans are starting to become more spectacle that he could be deceiving them.
Of all respondents, 46% said the economy is set to deteriorate if a near-term deal isn't reached, while 44% are convinced that China will be the biggest loser.
The poll found that 45% believe tariffs on Chinese goods is slowing the economy, while only 26% believe they help.
A National Bureau of Economic Research report shows that American consumers fully pay tariffs - and it's one of the main reasons why respondents are becoming increasingly pessimistic about the trade war. The 2018 report noted, "The U.S. experienced substantial increases in the prices of intermediates and final goods, dramatic changes to its supply-chain network" and reduced availability of imports.
According to our reporting last month, a 25% tariff on $200 billion in Chinese goods would cost the average American household $831 per year, something that could anger many families as the overall economy is cycling down through summer.
Americans want a stable climate for business - not an environment where the government picks winners and losers. They also don't want key trading partners to turn into enemies and endless shooting wars that can sometimes follow economic warfare [tarrifs].