American Firms Paid $42 Billion in Tariffs, and That Could Go Higher in 2020

January 15, 2020

American trade policy will likely result in more tariffs in 2020.

President Trump’s tariffs have cost American companies $42 billion to date, and that figure could rise higher when new tariffs are put in place. And that’s not a question of if, but when.

Already, there have been talks about U.S. retaliatory action over digital services tax imposed by France and Italy on American tech giants. As of now, U.S. firms mostly have felt the effect of tariffs stemming from the trade dispute with China. A report from Tariffs Hurt the Heartland says the trade war cost American consumers and businesses $42 billion through the end of October.

That’s in contrast to Trump’s claims that American consumers are “paying nothing.” In truth, “U.S. tariffs continue to be almost entirely borne by U.S. firms and consumers,” a study from the National Bureau of Economic Research said.

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Source: Sourcing Journal