Tariffs hurt the economy, but China must be held accountable, Union Pacific CEO says
Tariffs hurt the economy, but China must be held accountable, Union Pacific CEO says. President Donald Trump has the right goal in mind to settle ongoing trade issues with China, but his approach could have far-reaching consequences on the U.S. economy, Union Pacific CEO Lance Fritz told CNBC Tuesday. It's time to hold the Beijing's feet to the fire and push them to honor international trade standards of the World Trade Organization, yet tariffs on billions of dollars of imports from the country are hurting local economies, he added. "The president's used them as an effective tool to get China to the table, but I think we need to use caution as to how deep and long we use that as a tool because it'll definitely create a problem with our economy."