Call It Tariffs, but It’s Really a Tax Jul 12, 2019 Call It Tariffs, but It’s Really a Tax By Blu Putnam, Chief Economist, CME Group Highlights Tariffs are a tax on trade that can disrupt global growth US economic expansion likely to decelerate in H2 2019 Fed rate cuts unlikely to boost growth as rates are not the problem Negative interest rates could restrict bank lending and inhibit growth Watch Video Manage Trade War Outcomes in Global Markets with CME Group See how CME Group’s tools, economic research and education can help you track the effects of the trade war and better manage market outcomes. Learn More SEE MORE ANNOUNCEMENTS