Trump's tariffs have cost Americans at least $22 billion since the trade war began, report says
President Donald Trump's trade policies cost Americans tens of billions of dollars through April, according to new estimates, even before major tariff escalations took place.
The price tag of duties levied by the Trump administration added up to nearly $22 billion during that time period, the free-trade group Tariffs Hurt the Heartland said in a new report. That was before Trump more than doubled the tariff rate on $200 billion worth of Chinese products in May, so current totals are likely much higher.
Senator Chuck Grassley, who is leading efforts to craft a bill that would seek to rein in presidential trade powers, has given the same estimate. US Customs and Border Protection has assessed more than $15.2 billion in tariffs on China and more than $6.5 billion from those levied on steel and aluminum imports, according to the Republican from Iowa.
"To be clear, American importers and consumers are paying for these tariffs," he said at a Senate Finance Committee hearing on Tuesday. "$22 billion out of the pockets of hardworking Americans is not in our national best interest."
https://www.msn.com/en-us/money/markets/trumps-tariffs-have-cost-americans-at-least-dollar22-billion-since-the-trade-war-began-report-says/ar-AADb8Ur?li=BBnb7Kz
= new reply since forum marked as read
Tariffs on imports could sometimes be an effective tool of pressure way back when trade was between nation-states: American-made goods vs. Chinese-made goods vs. German-made goods, etc. Then came Reagan, Thatcher, globalization, and multinational corporations offshoring jobs and shipping goods globally. Now tariffs are just a tax on goods and may not have much effect on the behavior of some other nation-state.
MAGAtax
