WASHINGTON: Tariffs imposed by President Donald Trump to restructure the United States's top trade relationships have cost American companies US$46 billion since February 2018, and U.S. exports of goods hit by retaliatory tariffs have fallen sharply, according to an analysis of Commerce Department data.
The Trade Partnership uses raw, not seasonally adjusted, data, which is specific enough to match tariff codes to categories of goods, and then break it down by state. It conducted the analysis for Tariffs Hurt the Heartland, which includes a coalition of more than 150 business associations and the Farmers for Free Trade coalition.
As part of that deal, the United States will halve 15per cent tariffs imposed in September 2019 on US$120 billion in Chinese goods, but 25per cent tariffs on US$250 billion in Chinese goods applied earlier will remain in place.