Trump’s trade war cost Americans $1.4 billion per month last year, new report finds
President Donald Trump holds up examples of tariffs in the Cabinet Room of the White House in Washington.Protectionist trade policies cost American consumers and importers $1.4 billion per month at the end of 2018, according to a new study.
If the tariffs that were in place at the end of 2018 were to continue, approximately $165 billion dollars of trade per year will continue to be redirected. "The entire incidence of the tariffs fell on domestic consumers and importers up to now, with no impact so far on the prices received by foreign exporters," economists Mary Amiti, Stephen Redding and David Weinstein wrote in the report.
In a year, the study suggests the net loss from tariffs would amount to $16.8 billion in the US. While that's a very small fraction of annual gross domestic product, business conditions have also deteriorated from uncertainty and retaliatory actions.
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