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United States of America - Trade war costing U.S. farmers and consumers US$46 billion
16 January 2020

 

A new report released by U.S. campaign against tariffs, ‘Tariffs Hurt the Heartland’, has estimated that Americans have paid an additional US$46 billion since the U.S. – China trade war began in February 2018 through November 2019, reports ILM

The report claims that in the month of November alone, Americans paid US$6.2 billion in tariffs against US$2.8 billion in the same month in 2017, before the start of the trade war. The significant increase in tariffs is said to be primarily driven by tariffs implemented by the Trump administration, which account for over US$3.5 billion of the total in November. “This analysis of data provided by the President’s own Department of Commerce makes it clear that American businesses, farmers and consumers are the ones paying these tariffs – not China”, said Jonathan Gold, Spokesperson, Americans for Free Trade. “And while the Phase One Deal is a small step forward, significant leaps forward are still needed to put an end to this harmful trade war. There is about US$11 billion worth of imports on Lists 1-3 that will continue to be taxed even with the Phase One Deal”, he added. “We strongly encourage the president to immediately begin negotiations on a Phase Two Deal, and work to quickly come to a final agreement that removes all tariffs.”

According to the report, Chinese tariffs on American exports exceeded US$13 billion since the start of the trade war to reach nearly US$1.6 billion in November alone. These tariffs are said to have focussed heavily on U.S. farm exports. The November data is also said to show that U.S. exports to China that are subject to retaliatory tariffs are US$24 billion below their 2017 levels, a 26% percent decrease. Farm bankruptcies are reported to have risen 24% since September 2019, with WHO in Iowa, one of the hardest hit states, reporting that “Iowa farmers are losing patience with the trade war.”

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