Tariffs levied by President Trump to restructure the U.S.’ prime trade connections have cost American corporations $46 billion since February 2018, and U.S. exports of goods hit by retaliatory duties have dropped sharply, in response to an analysis of Commerce Division records.
The lion’s share of the overhead tariff costs, some $37.3 billion, stemmed from duties on imports from China, stated Washington-based consultancy Trade Partnership Worldwide, which calculated total tariff costs by November 2019, the most recent data available.
Exports of U.S. products hit by retaliatory duties from China and other nations dropped by 23% in the 12 months ended November, compared with 2017, before the tariffs started, the analysis confirmed.
Even when retaliatory duties have ended, these exports have not bounced back, mentioned Trade Partnership VP Dan Anthony.
Seasonally modified U.S. Commerce data released Tuesday confirmed the overall U.S. trade deficit contracted to an over three-year low in November.
The Trade Partnership makes use of raw, not seasonally modified, data, which is specific enough to match tariff codes to categories of products, and then break it down by state.
It performed the analysis for Tariffs Hurt the Heartland, which features a coalition of over150 business associations and the Farmers for Free Trade coalition.
Two states that hold early primaries within the 2020 presidential election, Nevada and New Hampshire, noticed their exports of products facing retaliatory duties fall by practically twice the national mean, Anthony stated.
Nevada exports integrated circuits, and New Hampshire produces computer and electronics products.
Trump’s trade policies haven’t been a critical problem to date for Democrats seeking their party’s nomination.