Agricultural News
Tweet Fact Check: Who is Actually Paying the Tariffs and How Much are They Paying?
Thu, 03 Jan 2019 11:08:15 CST
Earlier today, President Trump tweeted that the tariffs his Administration has imposed are being charged to China and that those funds are flowing into the U.S. Treasury. This, however, is being challenged by a group known as Tariffs Hurt the Heartland, which presented data suggesting Trump's claim is false.
"The United States Treasury has taken in MANY billions of dollars from the Tariffs we are charging China and other countries that have not treated us fairly. In the meantime we are doing well in various Trade Negotiations currently going on. At some point this had to be done!"
- @realDonaldTrump
A release from Tariffs Hurt says, "The fact is that the tariffs the Administration has imposed are paid by American businesses, consumers, farmers, and manufacturers - not foreign countries."
Using data collected by its "Tariff Tracker," the group backed up its objection, highlighting how much in tariffs Americans are paying. The following information is a detailed breakdown at the most recent month available, October 2018, which was the highest tariffed month in U.S. history. Overall, according to the data, tariffs cost American companies $6.2 billion in October. Tariffs paid increased $3.1 billion (104%) compared to October 2017, despite an increase of just 13% in the value of imports.
Trump Tariffs: Trump administration tariffs cost American companies an extra $2.8 billion in October. Products subject to the Trump administration actions currently in place faced $3.2 billion in tariffs in October, compared to just $407 million in October 2017. The large increase in tariffs came despite a slight decline in the value of imports.
China 301: China Section 301 tariffs cost American companies about $2.2 billion in October. Products subject to the Section 301 remedies faced $2.6 billion in tariffs in October, compared to just $394 million in October 2017. This is the first month reflecting 10% "List 3" tariffs, which could rise to 25% unless the United States and China reach a deal during their 90-day negotiation period.
Steel and Aluminum 232 Tariffs: Section 232 steel tariffs alone have cost American companies $2.3 billion, including $446 million in October. These products were all duty free before the Section 232 tariffs went into effect in March. Section 232 aluminum tariffs alone cost American companies about $124 million in October. Aluminum products subject to the Section 232 remedies faced $134 million in tariffs in October, compared to just $10 million in October 2017. The large increase in tariffs came despite a 4% decrease in the value of imports.
For more information on this data, click here.
Source - Tariffs Hurt the Heartland
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