Data Shows Trump Tariffs Cost U.S. Businesses $Billions
February 14, 2019
U.S. businesses paid an additional $2.7 billion in tariffs in November 2018. That’s what the Tariffs Hurt the Heartland coalition determined after examining the latest data released by the U.S. Census Bureau. The coalition, which includes Americans for Free Trade, says the numbers are proof that the “many billions of dollars pouring into our treasury” are actually coming from American companies, not from overseas competitors.
Additionally, the coalition’s Tariff Tracker found that U.S. export growth hit its lowest level of 2018 in November, thanks in part to a 37 percent decline in exports of products facing retaliatory tariffs.
“This data shows that Americans, not our foreign competitors, are the big losers in the trade war,” Tariffs Hurt the Heartland Spokesman and former Congressman Charles Boustany said. “U.S. businesses are being hit by a double whammy of historic tax increases in the form of tariffs and declining exports as farmers and manufacturers lose opportunities in the overseas markets they rely on for their livelihoods.”
AAEI joined Americans for Free Trade in September 2018. An examination of Section 232 and Section 301 tariffs, along with the timley mitigation strategies and tariff engineering options will be part of the program agenda for #AAEI2019, the 98th Annual AAEI Conference and Expo in Washington, DC. For details, visit the AAEI conference website.