Report: Tariffs cost Americans $38 billion to date

Time：2019-11-25 15:38:45    Share：

New data from an organization opposing U.S. tariffs on Chinese goods indicates American consumers and businesses have paid an additional $38 billion since the trade war began in February 2018 through September 2019.

The new data shows the impact of the tariffs on $112 billion worth of mainly consumer-facing goods that went into effect on Sept. 1, and it reports Americans paid an additional $905 million in the first 30 days of these tariffs being implemented.

In the month of September alone, Tariff Tracker reports Americans paid a total of $7.1 billion in tariffs, more than any other amount in U.S. history – a 59% increase from the same month last year and an increase of $600 million over last month. This significant increase in tariffs paid by Americans is primarily driven by tariffs implemented by the Trump administration, which account for $4.1 billion of the total in September. Tariffs implemented by President Trump totaled $1.4 billion in September 2018, meaning tariffs have nearly tripled what they were at the same time last year.

The Trade Partnership data also shows the impact of retaliatory tariffs on American exports as well. Chinese tariffs on American exports, which have focused heavily on American farm exports, totaled $10.6 billion since the start of the trade war and topped $1 billion in September. The September data shows that exports to China that are subject to retaliatory tariffs are down nearly 30% from pre-trade war levels.

JP Morgan projects tariffs will cost American households up to $1,000 per year, while Moody’s Analytics estimates the trade war has reduced U.S. employment by 300,000.