‘Trump’s Latest Import Tariffs Cost Americans 106 Billion Dollars’
‘Trump’s latest import Tariffs cost Americans 106 Billion dollars.’ The last round of import tariff increases from the United States to China will cost American households 106 billion dollars (95.1 billion dollars) annually.
According to an inquiry by the New York Federal Reserve on Thursday.
The increased import rates per American household would cost around 830 dollars a year.
At the beginning of May, the US raised import rates on 200 billion dollars of Chinese goods from 10 percent to 25 percent.
Trump says he wants to levy a rate of 25 percent on the other 350 billion dollars worth of imports.
“The raised import tariffs are likely to lead to major economic disruptions and to reduce US import revenues,”
the report states, which also included Princeton and Columbia University professors.
Research by the New York branch of the central banking system shows that large importers are inclined,
to fetch goods from more expensive countries when tariff increases are made.
It could put pressure on revenue from import tariffs.