'This is a direct tax on the American people,' trade economist Tori Smith, of the conservative Heritage Foundation, warned.
When asked specifically about Trump's threat to further increase tariffs on China if a trade agreement is not reached soon, Smith said that American consumers would feel the financial burden."This is a direct tax on the American people that will be felt much heavier than previous iterations," she said, pointing out that the additional levies would target goods ranging from electronics to items for babies and children.
, Smith noted that the Heritage Foundation has opposed tariffs since the start of the trade dispute with China. "We have suggested alternative mechanisms including targeted sanctions by the Treasury Department on individuals and companies that are found to have stolen U.S. intellectual property," she said."We also suggest utilizing the WTO [World Trade Organization], which has been a very effective mechanism in addressing trade concerns with China. The U.S. wins nearly every case it takes against China at the WTO and China removes the offending policy following a WTO determination," the economist added, warning that the current administration is undermining the international organization.The International Trade Administration at the U.S. Department of Commerce did not immediately respond to an emailed request for comment fromTrump has repeatedly argued that China is paying the tariffs he has implemented, not the American people. That assessment, however, goes against the analysis of most economists and financial experts. "So far our consumer is paying nothing," Trump claimed in an August tweet, arguing that the trade war with China was"going along very well." Later that month, Trump reiterated the same assessment.at the time. Trump argued that the impact on American consumers was"virtually none."at Harvard University, published this summer, found"nearly complete" transfer of tariff costs onto American importers, who then passed along those costs to consumers and purchasers. The study noted that the economic burden from the trade war with China had"fallen largely on the U.S." President Donald Trump speaks to business leaders at the Great Hall of the People on November 9, 2017 in Beijing, ChinaBack in March, a study by economists at the Federal Reserve Bank of New York, Princeton University and Columbia University showed that"tariff revenue the U.S. is now collecting is insufficient to compensate the losses being born by the consumers of imports." Their research also noted that voters in farming regions, which largely backed Trump in 2016, had felt the brunt of the trade war, as China's retaliatory tariffs had targeted the U.S. agricultural sector Gary Cohn, a former top executive at the investment bank Goldman Sachs, quit Trump's economic advisory team in 2018 due to the president's implementation of tariffs on steel and aluminum imports.with the BBC, Cohn suggested that China wasn't even concerned about the trade dispute, while arguing it had harmed the U.S. "I don't really think it's hitting the Chinese economy," he asserted, warning that the tensions have had a"dramatic impact" on American manufacturing and investment.
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