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Tuesday, November 26th, 2019

Americans are paying $40 billion a year in import taxes thanks to Trump’s tariffs: study

Author:     Sky Palma
Source:     Raw Story
Publication Date:     November 25, 2019
 Link: Americans are paying $40 billion a year in import taxes thanks to Trump’s tariffs: study
Stephan:   Almost anything criminal Trump says is a lie, there are thousands of examples thoroughly documented. But the effects produced by his lies don't often get connected to their social consequences. Here is one that has been connected. You and I have paid $40 billion in extra costs on Chinese goods because criminal Trump is utterly incompetent as a businessman and negotiator. I doubt it will matter to his base though; they aren't smart enough to see or even want to see cause and effect.

Xi JInping and Donald Trump
Credit: Thomas Peter/Getty

According to a new study from the New York Federal Reserve, Chinese businesses have not lowered prices in a significant way when it comes to exports in response to President Trump’s trade wars, leaving Americans to absorb additional import taxes levied by the Trump administration, to the tune of around $40 billion per year.

“The continued stability of import prices for goods from China means US firms and consumers have to pay the tariff tax,” study authors Matthew Higgins, Thomas Klitgaard, and Michael Nattinger, wrote.

As Business Insider points out, the study’s findings contradict a claim made by Trump that foreign exporters are shouldering up to 25 percent of the costs — a claim the White House has continued to disseminate even after other studies have reached the same conclusion.

“China is paying […]

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