Study after study, including one from the federal government’s bipartisan US International Trade Commission, has found that Americans have borne almost the entire cost of Trump’s tariffs on Chinese products.
When Trump was in office, he implemented tariffs on about $380 billion worth of goods imported into the US, according to a Tax Foundation analysis.
The Trump tariffs also hit foreign steel, aluminum, washing machines and solar panels.
But even if Trump implements tariffs on all US imports, the resulting revenue is unlikely to cover all these costs.
The Committee for a Responsible Federal Budget recently estimated that Trump’s tariff plan would not generate enough revenue to pay for his other spending proposals.
Persons:
Donald Trump, Trump, ” Trump, He’s, Kamala Harris, Harris, he’s
Organizations:
Washington CNN, White, Trump, US International Trade Commission, Biden, Social Security, CNBC, Detroit Economic, Federal Budget
Locations:
Michigan