Winning!
President Trump made over 100 claims about China and tariffs in 2019, stating that Beijing was paying “tremendous amounts of tariffs.” However, new research from the National Bureau of Economic Research (NBER) found the opposite.
“U.S. tariffs continue to be almost entirely borne by U.S. firms and consumers,” the NBER working paper stated. “Similarly, we also find that the substantial redirection of trade in response to the 2018 tariffs has accelerated.”
The Trump administration has placed tariffs on $550 billion worth of imports from China, and China has slapped $185 billion worth of imports from the U.S. since the trade war between the two countries began in March 2018.
On August 3, 2019, Trump claimed that “our consumer is paying nothing” in regard to the tariffs, but NBER stated that “approximately 100% of these import taxes have been passed on to U.S. importers and consumers.”
Thanks, Very Stable Genius!American consumers and businesses paid at least $42 billion for the tariffs as of October 2019, according to an analysis from Tariffs Hurt the Heartland (THH). In October 2019, the trade war cost an additional $7.2 billion through tariffs, an $1 billion increase from October 2018.
