Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Donald Trump’s tariffs cost US companies US$46 billion to date, trade war data shows

Lion’s share of higher costs – US$37.3 billion – stemmed from duties on imports from China, according to Washington-based trade consultancy. Exports of US goods hit by retaliatory tariffs from China and other countries fell sharply and did not bounce back when duties were lifted

Tariffs imposed by US President Donald Trump to restructure the nation’s top trade relationships have cost American companies US$46 billion since February 2018, and US exports of goods hit by retaliatory tariffs have fallen sharply, according to an analysis of Commerce Department data.

The lion’s share of the higher tariff costs, some US$37.3 billion, stemmed from duties on imports from China, said Washington-based consultancy Trade Partnership Worldwide, which calculated cumulative tariff costs through November 2019, the latest data available.

Exports of US goods hit by retaliatory tariffs from China and other countries fell by 23 per cent in the 12 months ended November, compared with 2017, before the tariffs began, the analysis showed. Even when retaliatory tariffs have ended, those exports have not bounced back, said Trade Partnership Vice-President Dan Anthony.

Seasonally adjusted US Commerce data released on Tuesday showed the overall US trade deficit narrowed to a more than three-year low in November.



The Trade Partnership uses raw, not seasonally adjusted, data, which is specific enough to match tariff codes to categories of goods, and then break it down by state. It conducted the analysis for Tariffs Hurt the Heartland, which includes a coalition of more than 150 business associations and the Farmers for Free Trade coalition.

Two states that hold early primaries in the 2020 presidential election, Nevada and New Hampshire, saw their exports of goods facing retaliatory tariffs drop by nearly twice the national average, Anthony said. Nevada exports integrated circuits and New Hampshire produces computer and electronics products.

Trump’s trade policies have not been a key issue to date for Democrats seeking their party’s nomination.

China’s Vice-Premier Liu He is slated to sign a phase one trade deal at the White House on January 15 at the White House, China’s commerce ministry said on Thursday.

As part of that deal, the United States will halve 15 per cent tariffs imposed in September 2019 on US$120 billion in Chinese goods, but 25 per cent tariffs on US$250 billion in Chinese goods applied earlier will remain in place.

US exports of goods subject to retaliatory tariffs in China were 26 per cent lower in the 12 months ending November than in 2017, while exports of items not facing such tariffs were 10 per cent higher than 2017 levels, Anthony said.

Total US exports were higher than in 2017, but retaliatory tariffs slowed growth in 2018 and exports have declined in 2019, he said.

Trump imposed tariffs on steel and aluminium imports in February 2018. US exports to countries that retaliated with tariffs of their own were 15 per cent below their 2017 levels in the 12 months ending November 2019, he said.

After Washington rolled back these tariffs for Mexico and Canada, the two countries eliminated retaliatory tariffs on US goods in May, but US exports of affected products have not rebounded.

“The expectation was that trade would start growing again, but that hasn’t happened in the last six months,” Anthony said.

“It raises questions about all other exports that have declined. There’s no guarantee that those sales will rebound if or when those retaliatory tariffs go away.”

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Bruce Willis Relocated Due to Advanced Dementia
French and Korean Nuclear Majors Clash As EU Launches Foreign Subsidy Probe
EU Stands Firm on Digital Rules as Trump Warns of Retaliation
Getting Ready for the 3rd Time in Its History, Germany Approves Voluntary Military Service for Teenagers
Denmark Confronts U.S. Diplomat Over Covert Trump-Linked Influence in Greenland
Trump Demands RICO Charges Against George Soros and Son for Funding Violent Protests
Taylor Swift Announces Engagement to NFL Star Travis Kelce
France May Need IMF Bailout, Warns Finance Minister
After the Shock of Defeat, Iranians Yearn for Change
Ukraine Finally Allows Young Men Aged Eighteen to Twenty-Two to Leave the Country
The Porn Remains, Privacy Disappears: How Britain Broke the Internet in Ten Days
YouTube Altered Content by Artificial Intelligence – Without Permission
Ukrainian Refugee Iryna Zarutska Fled War To US, Stabbed To Death
Elon Musk Sues Apple and OpenAI Over Alleged App Store Monopoly
German Chancellor Friedrich Merz: “The Current Welfare State Can No Longer Be Financed”
HSBC Switzerland Ends Relationships with Over 1,000 Clients from Saudi Arabia, Lebanon, Qatar, and Egypt
Sharia Law Made Legally Binding in Austria Despite Warnings Over 'Incompatible' Values
Dutch Foreign Minister Resigns Amid Deadlock Over Israel Sanctions
Trump and Allies Send Messages of Support to Ukraine on Independence Day Amid Ongoing Conflict
China Reels as Telegram Chat Group Shares Hidden-Camera Footage of Women and Children
MotoGP Cameraman Narrowly Avoids Pedro Acosta Crash at Hungarian Grand Prix
Wizz Air passengers screamed as storm-battered flight diverts to Bologna
European postal services halt U.S. deliveries after Trump imposes new tariffs
Urban explorer finds abandoned luxury restaurant left to decay
Fidesz leader labels Péter Magyar a ‘bluffer’ amid escalating political spat
French rope park operator arrested for denying entry to Israeli children
Újpest thrashes Zalaegerszeg 4-1 to secure first win in five matches
Profit-margin cap costs retailers 13 billion forints a month, warns trade group
Curiosity rover finds coral-like rock on Mars hinting at watery past
U.S. green policy rollback drives investors to Europe’s sustainable finance market
Special funerals rise in Hungary: boat, aerial and forest burials gain popularity
Hungary’s Kiskunság region turning into semi-desert after extreme drought
Kopasz Bálint wins world kayak 1000 m title in Milan, making him triple world champion
Budapest’s Keleti railway station to close for four weeks for track overhaul
Balaton could be unfit for swimming by 2035 and dry by 2050, scientists warn
Leaked guidelines show Meta’s AI allowed flirty and racist interactions with children
Filming of ‘Emily in Paris’ halted after assistant director dies on set
Filipino guest workers sue after Hungary moves to deport them for pregnancy
Ukraine Declares De Facto War on Hungary and Slovakia with Terror Drone Strikes on Their Gas Lifeline
A monster hit and a billion-dollar toy empire
Animated K-pop Musical ‘KPop Demon Hunters’ Becomes Netflix’s Most-Watched Original Animated Film
Canada: Nurse Suspended and Fined 93 Thousand Dollars After Stating the World’s Most Well-Known Fact Since the Creation of Adam and Eve, That There Are Only Two Genders
Elon Musk tweeted, “Europe is dying”
Far-Right Activist Convicted of Incitement Changes Gender and Demands: "Send Me to a Women’s Prison" | The Storm in Germany
Hungary Criticizes Ukraine: "Violating Our Sovereignty"
Will this be the first country to return to negative interest rates?
U.S. Treasury Secretary Whitney Bessent Backs Stablecoins to Boost Treasury Demand
Spain to Declare Disaster Zones After Massive Wildfires
Three-Minute Battery Swap Touted as Future of EVs
Beijing Military Parade to Showcase Weapons Advances
×