Trade War Increases U.S. Tariff Collections

U.S. tariff collections increased, expectedly, in 2018 as President trump waged a trade war on China, along with other tariff heavy trade policies. The U.S. government collected  $6.7 billion more in customs duties in fiscal 2018 than in the previous fiscal year, according to the Treasury Department’s final monthly statement for fiscal 2018. That’s more than the estimated $5 billion needed to build the Trump border wall that’s shuttered the federal government for 21 days as of Friday.

But, as Politico reports, the trade policies have perhaps cost the U.S. more than it’s received. The data from the Treasury Department does not include the $12 billion aid plan for farmers through the Market Facilitation Program. Further, economists say the extra revenue isn’t actually paid by foreign governments, but rather American companies importing those products into the United States.

If you have a story idea for the Washington Ag Network, call (509) 547-1618, or e-mail gvaagen@cherrycreekradio.com