One paper found tariffs are costing U.S. consumers and businesses $3 billion per month in added tax costs.
Treasury Secretary Steven Mnuchin has said China is covering most costs passed on from tariffs, but research showed tariffs imposed last year led U.S. consumers and businesses to pay $3 billion per month in additional taxes.
"I agree that China is footing most of the bill for it—yes," Mnuchin replied."There may be in certain cases [of an] impact passed on to our consumer, and we're closely monitoring that," he added. "So you disagree with all of our key retailers in the country and experts who understand that a tariff is most likely passed on to consumers, because that's historically what happens. You disagree with that as the secretary of the treasury?"At another point, Mnuchin said, "I don't expect there will be significant cost on the American families, and that's something that we are absolutely focused on.
A widely cited discussion paper released by researchers at the Federal Reserve Bank of New York, along with Princeton and Columbia universities in March, said that the Trump administration's trade war reduced"U.S. real income of $1.4 billion per month by the end of 2018." The paper also described increased consumer prices as"costing U.S. consumers and the firms that import foreign goods an additional $3 billion per month in added tax costs.
Consumer goods were exempted from prior rounds of tariffs. But the increases announced earlier this month, which raised tariffs from 10 percent to 25 percent on $200 billion worth of Chinese imports, did not exempt such items. A range of food items, electronics and industrial products will be affected by the most recent tariffs.
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