Yahoo Finance reports that in June alone, President Trump’s tariffs cost businesses in the U.S. $3.4 billion. This comes as the trade war against China, which has been ongoing for a year, continues to escalate.
In the month of June, U.S. importers paid $6 billion in tariffs, 74% more than they paid a year ago. Of the $6 billion, $3.4 billion is a result of tariffs brought about by Trump. These numbers come from research brought about by a collaboration between business coalition “Tariffs Hurt the Heartland” and The Trade Partnership, a trade and economic consulting firm.
The research reveals the full effect of Trump’s tariffs on $250 million worth of Chinese goods to 25% on May 10.
Trump has been scaling up the trade war in order to force China to compromise, although Beijing has said it will not “negotiate with a gun pointed to its head.”
As goods reach America, U.S. importers must pay for the tariffs. As a result of the 25% tariffs, importers have no choice but to pass off the cost to their consumers.
According to The Trade Partnership, American taxpayers have had to pay more than $27 billion in extra import tariffs since the trade war began. Costs will only increase as the trade war continues.
China has retaliated by stopping their purchases of U.S. agricultural products, throwing the U.S. agricultural industry into disarray.
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