In July alone, U.S. importers paid a record $ 6.8 billion in duties on Chinese goods, which led to a rise in consumer prices, writes Fox News.
Before President trump started a trade war with China, the United States is exported overseas hardwood timber 1.47 billion dollars more than imported American company.
The surplus fell by 12% last year, when the United States imposed duties on Chinese goods, and Beijing responded in kind. This year the figure is likely to continue to decline as the strengthening of confrontation between the two countries.
In July alone, U.S. importers paid a record $ 6.8 billion fee, in addition, more than 150 trade groups opposed the imposition of new tariffs, calling on the President to reverse its decision.
As a result, the growth of expenditure for goods is forcing many business owners to choose between raising prices and firing workers. The situation will likely worsen when the trump will raise taxes up to 30% on products at $ 200 billion, this increase is expected in December.
This forecast converges with the estimates of the manufacturers, retailers and some lawmakers, who have long warned that the introduction of duties, the White house risks undermining business growth caused by the tax cuts in 2017. The trump asserts that the duties are a useful tool for forced concessions from China.
The President has repeatedly said that the country used US for decades, and the damage to exports from China because of the fees ultimately will lead to the conclusion of a trade deal that will allow American companies to gain greater access to the second largest economy in the world.
But taking losses not only China but also the United States. According to the Tariffs Hurt the Heartland, whose supporters include the National Federation of retail trade and the consumers ‘ Association of technologies in all sectors of the US supplies to China fell by 615 million dollars.
Business leaders in the United States without much confidence take the words of the White house that China actually pays for the fees. According to them, the depreciation of the Renminbi is not sufficient to compensate for the duties which American importers have to pay customs officials when the goods arrive in U.S. ports.
According to the Tariffs Hurt the Heartland, in July, border fees were the highest in the history of the United States, they increased by 62% compared with July last year.
“This is a historic increase in tariffs is a cause of significant uncertainty for American employers, which leads to lower investment, increase prices and reduce employment opportunities,” — said the representative of the Department of tariff plans Heartland Jonathan gold.