Tariffs President Donald Trump implemented against China have cost Americans an additional $38 billion since February 2018, Tariffs Hurt the Heartland found.
Americans paid a total in September of $7.1 billion on all tariffs and $4.1 billion on tariffs the Trump administration implemented, according to data anti-tariff campaign Tariffs Hurt the Heartland and consulting firm The Trade Partnership released Wednesday.
Tariffs on $112 billion worth of mostly consumer goods called List 4A went into effect in September, which forced American businesses to pay an additional $905 million, the campaign noted.
“Imagine you’re running a business, and all of a sudden, your cost of goods — overnight — goes up 15%. … We made the decision not to raise our prices and scale back marketing instead and some other things, but it’s not sustainable. If the tariffs stay, we will need to raise our prices,” homemade speaker company SVS Sound Revolution President Gary Yacoubian told the Daily Caller News Foundation. . .
The first phase of the deal, which is expected to decrease tariffs on both countries and address concerns regarding intellectual property theft and financial services, was expected to be signed in November, but a senior administration official told Reuters Wednesday that phase one could be pushed back until December. (Read more from “The U.S.-China Trade War Has Cost Americans an Added $38 Billion” HERE)