Americans are paying $40 billion a year in import taxes thanks to Trump's tariffs: study

[riversedge]

Source: raw story



Published 8 hours ago on November 25, 2019



According to a new study from the New York Federal Reserve, Chinese businesses have not lowered prices in a significant way when it comes to exports in response to President Trump’s trade wars, leaving Americans to absorb additional import taxes levied by the Trump administration, to the tune of around $40 billion per year.

“The continued stability of import prices for goods from China means US firms and consumers have to pay the tariff tax,” study authors Matthew Higgins, Thomas Klitgaard, and Michael Nattinger, wrote.


As Business Insider points out, the study’s findings contradict a claim made by Trump that foreign exporters are shouldering up to 25 percent of the costs — a claim the White House has continued to disseminate even after other studies have reached the same conclusion.

“China is paying us tremendous — and they’re paying for it,” Trump said last week. “Those tariffs are not paid by us. Those tariffs are paid because they’re devaluing their currency and pouring cash into their economy.”

According to the New York Fed, Chinese firms have “accepted the loss in competitiveness in the US market and have used the weaker currency to pad profits on each unit of sales.”.................

Read more: https://www.rawstory.com/2019/11/americans-are-paying-40-billion-a-year-in-import-taxes-thanks-to-trumps-tariffs-study/

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[bucolic_frolic]

1. Trump's stupidity will be studied for hundreds of years

if humans last that long

[BlueIdaho]

10. It's his followers that are the problem.

They swallow his lies hook, line, and sinker.

[truthisfreedom]

2. OBVIOUSLY. Look, 45 can't tax Chinese people. He only has the ability to tax US citizens, by law.

And that's exactly what these tariffs do. They're the t**** tax.

[Bengus81]

3. A style of computer cases I use for builds is UP over 30%

I built using that Corsair 88R for years. Not a crazy gamer case,just a small run of the mill case. Thanks Trump.........

[DURHAM D]

4. Is "taxes" the right word?

Aren't they "import fees"?

[IcyPeas]

5. Kerrygold Irish Butter, for example

here is one small example. an increase of $1.00 just for butter.

So US president Donald Trump’s plan to impose a 25 per cent tariff on butter imports from Europe from October 15th represents a major blow to Kerrygold and will add up to $1 extra to the price of a packet of butter in the US, according to the company. It’s a price rise that will have to be passed on to customers.

https://www.irishtimes.com/business/agribusiness-and-food/kerrygold-s-premium-price-set-to-rise-in-us-due-to-trump-s-tariff-war-with-eu-1.4042963

[Brainfodder]

6. Trump stupidity induced INFLATION?

Slow raises, but inflation aint stopping, so net loss over time for many?

What is the actual benefit for Americans?

He's an ASSHOLE, ODO!

He probably pisses on the seat, too.

[roamer65]

7. Good. I hope it goes to $200B

I can and have cut my spending.

Larger families should pay more consumption taxes anyway.

[christx30]

8. Maybe these companies should give more contracts to

companies in Taiwan or other countries, and stop trading with this generations' 1940's Germany.

[roamer65]

9. I have been buying used electronics instead of new.

There is plenty of that stuff around and thus I avoid the tariffs. We don’t need the latest Chinese crap. Since I live near Canada, I will import as needed, too.

Make your cars, iPhones, microwaves and toasters last longer folks.

[riversedge]

11. I have done the some. going ok for now.

[truthisfreedom]

12. I manufacture electronics here and I purchase parts from US distributors

There’s a 10% tariff on all parts from China and in most cases there’s no other source. So, I end up paying 10% more to manufacture here, so I’m forced to manufacture more in Taiwan to avoid the tariffs. It’s destroying jobs here. He’s a blithering fucking idiot.