The Trade War Against China Has Topped $40 Billion In US Exports
As per the new study that focuses on the rising costs to the U.S. economy due to its trade war against the Chinese, the China retaliation against the tariffs is impacting the United States exporters badly than their Chinese counterparts and in lost exports, it is costing the country about $40 billion a year.
According to the Institute of International Finance’s findings, last year in imports from China, U.S. tariffs imposed $250 billion for the slowed in shipments of the products to the shores in the U.S. Recently, a new IIF study of China’s retaliation has shown that counter-tariffs had a far more critical impact on U.S. exports, leading to a downfall in many of the approximately 900 categories of targeted American products. The IIF economists found in a calculation that has been done for Bloomberg that last year between July and November, the lost exports value topped $17 billion. Official statistics have already shown a sheer fall in the exports of the United States to China. Last year in November, in goods U.S. exported $8.7 billion to China and this was down $4.1 billion when compared with the data of November 2017.
The fall in the exports from the U.S. to China shows the rising economic cost of the trade war and the reason why President Trump has been more and more eager to slow down a deal with Chinese as he works for the elections happening next year. Although Trump has concentrated on the cost to China’s economy as a sign of the control, the tariffs have given him in dialogues the reality that the United States tariffs and China’s retaliation have impacted the economy of the U.S. and also created a political criticism. Any deal he attacks is also possible of inviting an intense inspection and he and his advisors are already going through questions.