At the G-20 summit, President Trump did an about-face and reopened negotiations with Chinese President Xi Jinping. He held off on levying additional tariffs on $300 billion more in Chinese imports, meaning that American businesses can breathe a sigh of relief — for now. But a pause on new tariffs gives no more certainty to the markets than they had before the presidents met. Presidents Trump and Xi must craft a trade deal that eliminates tariffs altogether. Any tariff, no matter its scope, is bad news. Here are five reasons why:

1. Tariffs are a tax on American consumers and businesses. Tariffs are taxes. The fact is, the consumer pays these taxes, not the Chinese government. Even the president’s top adviser, Larry Kudlow, has said this. While the president says these taxes are payments from China, the truth is that they are taxes paid by American businesses and consumers as the costs are passed along and directly impact the price paid. There is simply not enough profit in these items to “include” an increase in costs.