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Study shows Americans have paid $22 billion in higher tariffs since trade war
Jun. 21, 2019
Tariffs Hurt the Heartland, the national campaign supported by over 150 of America's largest trade organizations representing retail, tech, manufacturing and agriculture, released new data that shows Americans have paid nearly $22 billion in additional tariffs since the trade war began.
The data, which is broken down by individual tariff action, shows American businesses and consumers have paid $15 billion in higher costs due to tariffs on Chinese imports. The data runs through April 2019, the most recent month available through the U.S. Census Bureau.
"The American people are facing one of the largest tax increases in decades due to the unprecedented tariffs we've seen over the past year," Tariffs Hurt the Heartland spokesman Jonathan Gold said. "These unilateral tariffs are erasing the benefits of tax reform and raising costs for American businesses and families."
Imports
The data released today shows that over 70 percent of the additional tariffs collected during the trade war have come from Section 301 tariffs on China. Many of those tariffs increased from 10 percent to 25 percent on May 10, 2019, which will further balloon the impact on consumers and businesses. Through April, over $15 billion in all tariffs has come from China 301 tariff actions; $4.6 billion has come from steel tariffs; $1.3 billion has come from aluminum tariffs and $460 million has come from tariffs on solar products and washing machines.
Exports
In addition to the rapid rise in import tariffs, the data shows a swift decline in American exports due to the consequences of retaliatory tariffs. In April 2019, exports generally decreased by 2.5 percent from April 2018 levels. For products specifically targeted by retaliation, exports fell by 28 percent in April, which follows a sharp downward trend over the last 10 months for all products targeted by retaliation.
The Tariff Tracker: The data released today is part of a monthly Tariff Tracker that Tariffs Hurt the Heartland has launched in conjunction with Trade Partnership Worldwide, which compiles monthly data released by the U.S. government.
The monthly import data is calculated using data from the Census Bureau. The monthly export data is compiled using data from the Census Bureau and the U.S. Department of Agriculture. As part of the Tariff Tracker project, Tariffs Hurt the Heartland is also releasing data on how individual states have been impacted by increased import tariffs and declining exports.
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