Trump's tariffs on foreign goods wrong remedy for US economy: expert - Xinhua News Agency

Xinhua News Agency report quotes John Manzella, founder of the ManzellaReport.com, as saying that President Trump's tariffs plan is a wrong remedy for US economy. 

Manzella believes these policies will hurt industries and consumers in both countries. He adds, "the tariffs will benefit a few American firms, like US steel producers which employ approximately 140,000 workers, but hurt industries that depend on steel as raw material, such as aircraft, automobiles, and construction, which employ 5.4 to 6.5 million workers."

Key quotes (Source: Reuters, Xinhua)

"Imports are vital to American standards of living ... Imports stimulate competition, which stimulates innovation, boost quality, and reduces prices"

"Since China supplies many of America's consumer products, consumers would feel the pain in higher prices and fewer choices. Other sectors, of course, would be impacted as well"

"Imports offer U.S. consumers greater choices ... and keep inflation low"