Trump’s tariffs cost US companies $46 billion so far, reveals Commerce Dept. data


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Trump’s tariffs cost US companies $46 billion so far, reveals Commerce Dept. data

A number of tattering tariffs inclined by the US President Donald Trump over the past one year and a half, aimed at a sweeping reform of the United States’ trade relationship, costed American companies more than $46 billion in added tariffs since early 2018, while US exports had dropped sharply during the timeline after being hit with retaliatory duties, an analysis of US Commerce Department data had revealed on Thursday, the 9th of January 2020.

Aside from that, according to a Washington-based business consultancy firm, Trade Partnership Worldwide which went through the details of US Commerce Department data and came up with such jaw-dropping amount in added tariffs on Thursday (January 9th), had also added that a lion-share of the added expenses in tariff hikes was brewed off a slew of tit-for-tat tariffs imposed by China, while costs in China tariffs had been amounted to some $37.3 billion according to the latest data available.

Besides, latest research data from Trade Partnership Worldwide came forth a day after the US Commerce Department data revealed on Tuesday (January 7th) had shown the overall US trade deficit was narrowed down to a three-year low figure on November last year, mostly stemmed from a steep curb in exports and a hike in imports amid a gruelling 18-month-long trade spat with China, the world’s second-largest economy.