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Tariffs Proving To Be a Money-Maker for the Government

Monday, April 1, 2019
 
A Forbes report shows that “the U.S. government has found itself a new cash cow: China.”

The report continues: “By slapping tariffs on more than $200 billion worth of Chinese imports, the U.S. government has made $55 billion, up $19.9 billion from 2017, according to the Treasury Department. In February, the U.S. collected $5.08 billion from China imports, 89.8% more than February 2018.”


A Peterson Institute for International Economics study found that Section 232 tariffs increased the price of steel products by 9 percent while projecting that steel users will pay an extra $650,000 for each job created.

Another study by the Federal Reserve Bank of New York, Princeton University, and Columbia University found that Section 301 and 232 tariffs cost companies and consumers $3 billion a month in additional taxes, and companies an additional $1.4 billion in losses while causing the diversion of $165 billion a year in trade, leading to significant costs for companies having to reorganize supply chains.

 


Reader Comments

Posted by: Scott on 4/10/2019 11:03:35 AM
Who doesn't think this is necessary? Pay me now or pay me later should be the theme here. If w can level the playing field we can compete with anyone. I believe China's long term strategy is to subsidize Chinese manufacturing to the point of driving out as many competitors as out as possible leaving them to be the only game around. Then what would life be like with our manufacturing dependent on China. While be buy a lot now, if they drive the competition out of business we will buy more in the future. I support the tariffs until the field is level then let the best man win.

 

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