As trade talks between the U.S. and China resume this week, Tariffs Hurt the Heartland is out with data showing how the trade war has hurt American consumers and businesses. Between February 2018, when the trade war started, and August 2019, Americans have paid an additional $34 billion dollars. Tariffs Hurt the Heartland said that’s more than the total annual GDP of almost half the countries in the world, according to the International Monetary Fund.
The organization said in the month of August alone, Americans paid $6.5 billion in tariffs, a 48% year-over-year increase. This significant increase in tariffs paid by Americans is primarily driven by tariffs implemented by the Trump administration, which account for $3.4 billion in August. This new report does not include the tariffs on $112 billion worth of mainly consumer goods that went into effect on September 1st.
Tariffs Hurt the Heartland is a campaign supported by more than 150 business and agricultural trade associations.
“Business leaders and economists across the country agree the trade war is seriously damaging our economy, killing American jobs and making goods more expensive for American families and small businesses,” Americans for Free Trade spokesman Jonathan Gold said. “After $34 billion in additional taxes on American consumers, businesses and farmers, we are no closer to a deal with China than we were before the trade war started. As negotiations with China restart this week, it’s imperative the President and his team find a way to end these harmful tariffs and avoid further escalation.”
The data released today also shows the devastating impact of retaliatory tariffs on America exports. Chinese tariffs on American exports topped $1 billion in August alone, the highest month in the trade war thus far. These tariffs have focused heavily on American farm exports. The August data shows that exports to China are down nearly 30 percent from pre-trade war levels.
“This data shows why farmer frustration is growing and patience with the trade war has worn thin,” said Brian Kuehl, Co-Executive Director of Farmers for Free Trade. “The nearly 30 percent drop in overall exports to China is a reflection that soybeans, dairy, wheat and other commodity exports have plummeted. Meanwhile, farmers in South America, Russia, Canada and elsewhere are picking off the markets we’ve let slip away. We can’t keep shooting ourselves in the foot. The Administration needs to fulfill its promise to farmers and make a deal to end the trade war.”
For additional details visit Tariffs Hurt the Heartland’s Website.
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