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Trump's trade-war has cost US consumers $13 billion so far.
https://www.bloomberg.com/news/articles/2019-01-17/trump-s-tariffs-are-producing-billions-but-china-isn-t-payingAccording to data from U.S. Customs and Border Protection, more than $13 billion in duties imposed by the Trump administration were assessed on imported goods as of Dec. 18. Actual collections could lag and be lower because of refunds and other factors, but Treasury Department reports show receipts from all customs duties have risen sharply since the tariffs took effect.
While Trump has suggested on Twitter and in public comments that tariffs are somehow being charged to or paid by China and other countries, trade economists say that’s generally misleading. U.S. importers of record are responsible for the duties, and ultimately U.S. businesses and consumers could pay through higher costs, they say.
...
“Tariffs on Chinese imports are paid by Americans, not by the Chinese or their government. The President’s tariffs are simply a #tax on American consumers,’’ Hanke said on Twitter Jan. 6.
Hanke also pointed out that there are offsets to increased revenue from Trump’s tariffs, including as much as $12 billion in aid being paid to farmers after China slapped retaliatory tariffs on U.S. agricultural products.
While Trump has suggested on Twitter and in public comments that tariffs are somehow being charged to or paid by China and other countries, trade economists say that’s generally misleading. U.S. importers of record are responsible for the duties, and ultimately U.S. businesses and consumers could pay through higher costs, they say.
...
“Tariffs on Chinese imports are paid by Americans, not by the Chinese or their government. The President’s tariffs are simply a #tax on American consumers,’’ Hanke said on Twitter Jan. 6.
Hanke also pointed out that there are offsets to increased revenue from Trump’s tariffs, including as much as $12 billion in aid being paid to farmers after China slapped retaliatory tariffs on U.S. agricultural products.
US consumers payed an additional $13 billion in "taxes" because of the trade-war.
And of those $13 billion additional revenue for the US government, $12 billion went as aid to the farmers who can't sell to China because of the trade-war.
That means, the trade-war has cost US consumers $13 billion so far and US farmers more than $12 billion so far.
Winning!
