Economists Say U.S. Consumers Will Foot the Bill for CH Tariffs
New York, NY, January 22, 2019-While the U.S. has imposed more than $13 billion in tariffs on China and other countries in President Trump’s trade war, ultimately it will be U.S. consumers who foot the bill, according to a report by Mark Niquette of Bloomberg News.
The reporter writes, “While Trump has suggested on Twitter and in public comments that tariffs are somehow being charged to or paid by China and other countries, trade economists say that’s generally misleading. U.S. importers of record are responsible for the duties, and ultimately U.S. businesses and consumers could pay through higher costs, they say.
“Trump is ‘suggesting this is bringing in lots of new revenue and all of the burden is falling on the Chinese,’ said Phil Levy, senior fellow on the global economy at the Chicago Council on Global Affairs and a former senior economist for trade for President George W. Bush’s Council of Economic Advisers. ‘I think that’s mostly false.’’’