PortandTerminal.com, December 12, 2019
New data released shows American consumers and businesses have paid an additional $42 billion since the trade war began in February 2018 through October 2019
WASHINGTON – The US government collected a record amount in tariffs in October as a trade dispute between the Trump administration and China escalated, according to new data released Monday.
Revenue from import taxes jumped to $7.2 billion in October, the free-trade advocacy groups Tariffs Hurt the Heartland and The Trade Partnership said. That was the most in history and a $1 billion rise from the same time a year earlier, which at the time already shattered previous records.
This data comes less than a week before yet another round of tariffs are expected to be implemented on primarily consumer-facing goods. In the month of October, there was nearly $18 billion worth of imports from China that will be hit with a 15 percent tax beginning December 15th unless those tariffs are rolled back.
“This data shows that farmers in America’s heartland – the very places where the 2020 campaign will turn – are paying a steep price because of the trade war,”Brian Kuehl, Co-Executive Director of Farmers for Free Trade
President Donald Trump slapped steep duties on an additional $111 billion worth of Chinese imports on September 1, hitting far more consumer products than in previous tranches. He is scheduled to further escalate tariffs this Sunday as the two sides struggle to hammer out the details of an interim trade agreement.
While the White House has often asserted that foreign exporters pay tariffs, there’s evidence that those costs largely fall on domestic business and consumers. Roughly $42 billion in additional tariffs were paid from February 2018 to October 2019, according to the data.
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