Levies now cover about $250 billion a year in goods--down from $370 billion--as U.S. companies ...
Source: The Wall Street Journal.
WSJ NEWS EXCLUSIVE ECONOMY
U.S. Tariffs Drive Drop in Chinese Imports
Levies now cover about $250 billion a year in goodsdown from $370 billionas U.S. companies shift purchases elsewhere
By Josh Zumbrun
May 12, 2021 5:30 am ET
WASHINGTONU.S. tariffs have led to a sharp decline in Chinese imports and significant changes in the types of goods Americans buy from China, new data show, with purchases of telecommunications gear, furniture, apparel and other goods shifting to other countries.
Nearly two-thirds of all imports from Chinaor roughly $370 billion in annual goodswere covered by tariffs imposed by the U.S. in 2018 and 2019. Tariffs now cover just half of Chinese exports to the U.S., or about $250 billion in goods annually, as U.S. companies buy more from other countries, according to a Wall Street Journal analysis of information from Trade Data Monitor.
The Trump administration imposed the levies in 2018-19, aiming to boost U.S. factory production by making Chinese imports more expensive for the American companies that bring them in. That so-called re-shoring of manufacturing hasnt happened in any appreciable way, economic data show, as U.S. companies instead turned to other countries in Asia for supply.
Vietnam has been an especially big beneficiary. It now ranks No. 6 globally for imports to the U.S., up from 12th as recently as 2018.
If the goal was to reduce imports from China then it succeeded, said Craig Allen, president of the U.S.-China Business Council, which represents U.S. companies that do business in China. But if the goal was to increase manufacturing employment in the United States I dont see any evidence that thats happened. If the goal was to increase imports from other countries in Asia or increase manufacturing employment in Vietnam, its succeeded.
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U.S. tariffs have led to a sharp decline in Chinese imports and significant changes in the types of goods Americans buy from China, new data show
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modrepub
(3,493 posts)The market will always price them in and shift accordingly. In the long run tariffs hurt consumers because they reduce consumer's purchasing power. You (artificially) pay more for one good that means you have less money to spend on something else. In a consumer driven economy like ours this most likely means folks will have less discretionary money to spend on locally produced goods (restaurants/eating take out for example).
Funny, this (low tariffs/free market) used to be the old-school Republican gospel.
roamer65
(36,745 posts)Its the next country in SE Asia to exploit.
DENVERPOPS
(8,809 posts)that China won't get mad, they will get even.
Trump's move destroyed the U.S. Farmers and drove scores into bankruptcy. The chinese just changed their buying of soy beans, etc to other countries, especially Russia.
Who said: All roads lead to Russia.......?????????????/
oldsoftie
(12,530 posts)How dangerous is it that nearly ALL our antibiotics are made in China? What if they just decided to stop shipping them?
And continue to move other mfg OUT of China. We, the people, feed the beast by continuing to pick the CHEAPEST option on the shelves.
Bring it home. And if its not possible to bring it all back to the US, then use countries that arent trying to take over the world
The Mouth
(3,148 posts)I'll gladly pay more for 'Made in the USA'
Every cent we send to China is coming back to us in the form of bombs or bullets.
Calista241
(5,586 posts)China is a long term strategic rival. They steal our ideas, they cost us jobs, and they exploit their own people and the environment. For our economy to be reliant on their generosity in providing us stuff is a significant risk.
oldsoftie
(12,530 posts)They will expand because they have over a billion to supply
oldsoftie
(12,530 posts)I didnt until about a week ago