Americans are paying $40 billion a year in import taxes thanks to Trump's tariffs: study
Source: raw story
Published 8 hours ago on November 25, 2019
According to a new study from the New York Federal Reserve, Chinese businesses have not lowered prices in a significant way when it comes to exports in response to President Trumps trade wars, leaving Americans to absorb additional import taxes levied by the Trump administration, to the tune of around $40 billion per year.
The continued stability of import prices for goods from China means US firms and consumers have to pay the tariff tax, study authors Matthew Higgins, Thomas Klitgaard, and Michael Nattinger, wrote.
As Business Insider points out, the studys findings contradict a claim made by Trump that foreign exporters are shouldering up to 25 percent of the costs a claim the White House has continued to disseminate even after other studies have reached the same conclusion.
China is paying us tremendous and theyre paying for it, Trump said last week. Those tariffs are not paid by us. Those tariffs are paid because theyre devaluing their currency and pouring cash into their economy.
According to the New York Fed, Chinese firms have accepted the loss in competitiveness in the US market and have used the weaker currency to pad profits on each unit of sales..................
Read more: https://www.rawstory.com/2019/11/americans-are-paying-40-billion-a-year-in-import-taxes-thanks-to-trumps-tariffs-study/
bucolic_frolic
(43,146 posts)if humans last that long
BlueIdaho
(13,582 posts)They swallow his lies hook, line, and sinker.
truthisfreedom
(23,146 posts)And that's exactly what these tariffs do. They're the t**** tax.
Bengus81
(6,931 posts)I built using that Corsair 88R for years. Not a crazy gamer case,just a small run of the mill case. Thanks Trump.........
DURHAM D
(32,609 posts)Aren't they "import fees"?
IcyPeas
(21,865 posts)here is one small example. an increase of $1.00 just for butter.
So US president Donald Trumps plan to impose a 25 per cent tariff on butter imports from Europe from October 15th represents a major blow to Kerrygold and will add up to $1 extra to the price of a packet of butter in the US, according to the company. Its a price rise that will have to be passed on to customers.
https://www.irishtimes.com/business/agribusiness-and-food/kerrygold-s-premium-price-set-to-rise-in-us-due-to-trump-s-tariff-war-with-eu-1.4042963
Brainfodder
(6,423 posts)Slow raises, but inflation aint stopping, so net loss over time for many?
What is the actual benefit for Americans?
He's an ASSHOLE, ODO!
He probably pisses on the seat, too.
roamer65
(36,745 posts)I can and have cut my spending.
Larger families should pay more consumption taxes anyway.
christx30
(6,241 posts)companies in Taiwan or other countries, and stop trading with this generations' 1940's Germany.
roamer65
(36,745 posts)There is plenty of that stuff around and thus I avoid the tariffs. We dont need the latest Chinese crap. Since I live near Canada, I will import as needed, too.
Make your cars, iPhones, microwaves and toasters last longer folks.
riversedge
(70,204 posts)truthisfreedom
(23,146 posts)Theres a 10% tariff on all parts from China and in most cases theres no other source. So, I end up paying 10% more to manufacture here, so Im forced to manufacture more in Taiwan to avoid the tariffs. Its destroying jobs here. Hes a blithering fucking idiot.