Companies in the U.S. are paying almost all the costs from Donald Trump’s tariffs on Chinese imports, IMF researchers said in findings that dispute the president’s assertions that China is footing the bill
-- Companies in the U.S. are paying almost all the costs from Donald Trump’s tariffs on Chinese imports, IMF researchers said in findings that contradict the president’s assertions that China is footing the bill.
The report concludes what most private economists have argued for months: that China doesn’t pay U.S. tariffs, American consumers and companies do. “Consumers in the U.S. and China are unequivocally the losers from trade tensions,” the IMF paper said. Trade talks between Beijing and Washington stalled this month as Trump accused China of backing out of a deal that was taking shape. In response, Trump increased levies on $200 billion in Chinese imports to 25% from 10%, prompting retaliation from Beijing.
Earlier this month, White House economic director Larry Kudlow acknowledged “both sides will suffer” from the widening U.S.-China trade war, while predicting that the impact on U.S. jobs and growth from higher tariffs on Chinese goods would be “de minimis.”
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