New analysis of Trump’s washing machine tariffs finds:
- Consumers bore between 125% and 225% of the costs of the tariffs
- The tariffs brought in $82m to the Treasury but raised consumer prices by $1.5b
- Created 1,800 jobs at a cost of $817,000 per job
New analysis of Trump’s steel tariffs finds:
- Consumers and businesses are paying more than $900,000 per year for every job saved or created by tariffs
- Cost is 13 times the typical steelworker salary
- Total cost to economy is $11.5 billion per year
TRUMP today on China tariffs:
“A lot of money is being made by the United States.”
While customs duties collected by the Treasury Dept. have risen from tariffs, they made up just 1 percent of federal revenue last fiscal year.
On Sunday, Larry Kudlow said U.S. tariffs on Chinese imports would reduce GDP growth by 0.2 percent, or ~$40 billion.
In fiscal year 2018, the U.S. government took in ~$41 billion from tariffs.
The U.S. government has paid out $8.52 billion to farmers affected by Trump’s trade war.
U.S. consumers have paid an estimated $18 billion from November through April from increased tariffs.
Goldman Sachs research shows tariffs have raised prices of goods in affected industries more than the overall inflation rate.
Of Chinese imports Trump hasn’t placed tariffs on, 60% are consumer goods, which could raise prices further for U.S. consumers.
As farmers file for bankruptcy protection at levels not seen in at least a decade, Trump is considering a second farm bailout between $15 and $20 billion.
Many farmers doubt that aid package is anywhere near sufficient to make up for the economic slump.
"The Trump administration rolled out a $16 billion aid package for the U.S. farm sector, which primarily will take the form of direct payments to farmers to offset losses resulting from the trade conflict with China.” https://www.wsj.com/articles/trump-administration-rolls-out-16-billion-farm-aid-program-11558628636?mod=hp_lead_pos2 …
TRUMP: “The best thing that ever happened to the farmers is me. We gave $16 billion to the farmers to make up for the deficit with China. We gave them $16 billion — we don’t give them, they earn it because they’re patriots."
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