merican duties were worth 3% of the country’s total import value, double the level when Mr Trump took office. Tariffs on Chinese imports rose from 3% to 19%,
66% of Americans think the government should place restrictions on imported foreign goods to protect jobs at home, up from 60% in 2018
Mr Trump put forward two ideas. First, all foreign firms selling to America would face a 10% levy. Second, if any country placed a high tariff on anything American, he would hit back with exactly the same tariff.
The Committee for a Responsible Federal Budget, an advocacy group, estimates that a 10% tariff may bring in up to $2.5trn in extra revenue during its first decade of implementation, which could be used to reduce America’s budget deficit.
American tariffs on cars are just 2.5%, whereas the European Union charges 10%. What he omits is that America has long placed a 25% tariff on imports of pick-up trucks, not to mention hefty duties on some imports of lumber and foods
If the bulk of the tariff bill is passed on to American consumers, as occurred with the first round of Mr Trump’s tariffs, a 10% duty would cost each American household about $2,000 per year.
The Peterson Institute estimated that steel users in effect paid an extra $650,000 per job created in the steel industry.
Glasp is a social web highlighter that people can highlight and organize quotes and thoughts from the web, and access other like-minded people’s learning.