90% Of US Economy Facing Tariff 'Damage'

Janet Henry, Global Chief Economist at HSBC weighs in on the economic impact of Donald Trumps tariff policy as China says its open top talks if the US president and his team show the country more respect. The fate of the global economy and financial markets hinges in large part on whether the US and China can find a way to avoid a protracted trade war. Trump has hit China with tariffs of 145% on most goods since taking office, prompting Beijing to retaliate and threatening to wipe out most trade between the world's biggest economies. 

Janet Henry spoke to Bloomberg Radio's Stephen Carroll and Valerie Tytel as Bloomberg Economics calculated that US importers have borne almost 100% of the tariffs , with little offset from their counterparts across the border, through March. Tariff costs have been passed on to US importers at the border, and profit margins for US firms appear set to take a hit.

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