Donald Trump’s tariffs cost US companies US$46 billion to date, trade war data shows
- Lion’s share of higher costs – US$37.3 billion – stemmed from duties on imports from China, according to Washington-based trade consultancy
- Exports of US goods hit by retaliatory tariffs from China and other countries fell sharply and did not bounce back when duties were lifted
Tariffs imposed by US President Donald Trump to restructure the nation’s top trade relationships have cost American companies US$46 billion since February 2018, and US exports of goods hit by retaliatory tariffs have fallen sharply, according to an analysis of Commerce Department data.
The lion’s share of the higher tariff costs, some US$37.3 billion, stemmed from duties on imports from China, said Washington-based consultancy Trade Partnership Worldwide, which calculated cumulative tariff costs through November 2019, the latest data available.
Exports of US goods hit by retaliatory tariffs from China and other countries fell by 23 per cent in the 12 months ended November, compared with 2017, before the tariffs began, the analysis showed. Even when retaliatory tariffs have ended, those exports have not bounced back, said Trade Partnership Vice-President Dan Anthony.
Seasonally adjusted US Commerce data released on Tuesday showed the overall US trade deficit narrowed to a more than three-year low in November.
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.