Trump’s Trade Policies Have Cost Consumers
August 27, 2020
Trump keeps claiming that China is paying for his tariffs, but it’s not true, American businesses and consumers are. In fact, they’re costing American families over $1,200 a year even after his so-called trade deal.
Trump’s tariff war cost American families over $1,200 a year even after Trump’s phase one trade deal.
Business Insider: “In a report released this week, the Congressional Budget Office said tariffs are expected to reduce average real household income by $1,277 in 2020. While President Donald Trump asserts that other countries pay US tariffs, evidence shows that the majority of costs fall onto domestic businesses and consumers.”
Bloomberg: “A study by researchers at the New York Fed and Princeton and Columbia universities estimated the cost to consumers of the bulk of tariffs that will remain in place, despite the latest deal, at $831 per household per year — or an annual cost of more than $106 billion for the U.S. economy as a whole.”
American businesses and consumers, not China, are paying for Trump’s tariffs.
Washington Post Fact Checker: “China does not pay any of these tariffs. The tariffs — essentially a tax — are paid by importers, generally U.S. companies, who in turn pass on most or all of the costs to consumers or producers (who may use Chinese materials in their products). So, ultimately, Americans are footing the bill for Trump’s tariffs, not the Chinese. The president is fooling himself if he thinks otherwise.”
Trump’s China tariffs amount to a giant tax increase that has forced Americans to cut back on spending.
Axios: “More Than a quarter of Americans are spending less because of China tariffs”
CNBC: “Trump’s tariffs are equivalent to one of the largest tax increases in decades”
PolitiFact: “Numerous businesses, ranging from Coca-Cola, to Walmart to Costco to washing machine makers, raised prices because of the tariffs. And study after study has confirmed that the tariffs primarily hit Americans, not China. It’s simply ridiculous to make a flat claim that the tariffs aren’t hurting anyone in the United States.”