U.S. companies shoulder more than 90% of the cost of U.S. tariffs on Chinese goods: U.S. media

Screenshot of the article U.S.-China trade dispute harms Americans published on POLITICO

An article published by U.S. media POLITICO says that the U.S. was harmed by the U.S.-China trade dispute. It mentioned that as “U.S. exports to China consistently support around 1 million American jobs,” the trade war between the two sides costed the U.S. “about 245,000 jobs and 108 billion U.S. dollars in lost GDP”, according to a study by Oxford Economics before the COVID-19 drove millions of Americans to file unemployment.

People can not recognize which side suffered more from the trade war, but Moody’s Analytics shows that “more than 90 percent of the cost of U.S. tariffs on Chinese goods” are shouldered by U.S. companies.

The article says that the price of imported Chinese goods has remained stable as the U.S. increased tariffs, which means that U.S. consumers and companies borne the “the brunt of the tariff burden.”

At last, it hopes that the United States and China return to the negotiating table soon.

Click the link of original article for more information:

https://www.politico.com/newsletters/politico-china-watcher/2021/06/24/us-china-trade-dispute-harms-americans-493351