Evidence Grows That Trump's Trade Wars Are Hitting U.S. Economy

  • President Donald Trump regularly declares that he’s winning his trade wars. Yet the evidence is growing that the U.S. economy is a net loser so far.

 

  • Economists from the Federal Reserve Bank of New York, Princeton University and Columbia University found that tariffs imposed last year by Trump on products ranging from washing machines and steel to some $250 billion in Chinese imports, were costing U.S. companies and consumers $3 billion a month in additional tax costs and companies a further $1.4 billion in deadweight losses.

 

  • They were also causing the diversion of $165 billion a year in trade leading to significant costs for companies having to reorganize supply chains.

 

(Source: Bloomberg)