Quantcast
Connect with us

Americans are paying $40 billion a year in import taxes thanks to Trump’s tariffs: study

Published

on

According to a new study from the New York Federal Reserve, Chinese businesses have not lowered prices in a significant way when it comes to exports in response to President Trump’s trade wars, leaving Americans to absorb additional import taxes levied by the Trump administration, to the tune of around $40 billion per year.

“The continued stability of import prices for goods from China means US firms and consumers have to pay the tariff tax,” study authors Matthew Higgins, Thomas Klitgaard, and Michael Nattinger, wrote.

ADVERTISEMENT

As Business Insider points out, the study’s findings contradict a claim made by Trump that foreign exporters are shouldering up to 25 percent of the costs — a claim the White House has continued to disseminate even after other studies have reached the same conclusion.

“China is paying us tremendous — and they’re paying for it,” Trump said last week. “Those tariffs are not paid by us. Those tariffs are paid because they’re devaluing their currency and pouring cash into their economy.”

According to the New York Fed, Chinese firms have “accepted the loss in competitiveness in the US market and have used the weaker currency to pad profits on each unit of sales.”


Report typos and corrections to: [email protected].
READ COMMENTS - JOIN THE DISCUSSION
Continue Reading

Breaking Banner

Trump abusing the intelligence community in an attempt to keep them quiet about Russia election hacks: Conservative

Published

on

The New York Times Magazine piece outlining President Donald Trump's battles with the U.S. intelligence community revealed that Russia is continuing to wage its own cyberwar against the world. According to conservative Washington Post columnist Max Boot, the devastating report explained the extent to which the president is ignoring the threats to the 2020 election.

“The options faced by the intelligence community during Trump’s presidency have been stark: avoid infuriating the president but compromise the agencies’ ostensible independence, or assert that independence and find yourself replaced with a more sycophantic alternative," wrote Robert Draper in his lengthy investigation into Trump's efforts to politicize international intelligence. According to Boot, the most shocking part of the investigation was that the experts in the intelligence community have been banned from speaking honestly about the Russian attacks.

Continue Reading

2020 Election

‘Incompetent moron’ Chuck Todd ripped for letting Trump official claim Democrats want more COVID-19 deaths

Published

on

"Meet the Press" host Chuck Todd is under fire -- once again -- after letting Donald Trump's trade adviser Peter Navarro claim on NBC that Democrats want more Americans to die during the coronavirus pandemic to boost their chances at the polls in November.

Instead of pushing back the NBC host known for his lack of follow-up questions let the comment slide by responding, "I take your point."

Todd's failure to call out the Trump aide for what one Twitter commenter called a "disgusting" comment led to an avalanche of criticism for the MBC political director who recently saw his weekday show cut back to make room for more commentary by colleague Nicolle Wallace.

Continue Reading
 

2020 Election

Mike Pence praised by evangelical conservative for being ‘like a very supportive, submissive wife to Trump’

Published

on

In a deep dive into how Donald Trump has managed to hang onto Christain evangelicals despite his multitude of moral failures, one Christian conservative told the New York Times' Elizabeth Dias that Vice President Mike Pence doesn't get enough credit for being supportive of the president.

Speaking with Christians in Sioux Falls, Iowa, Dias found Trump support remaining strong despite his ongoing travails unsuccessfully battling the coronavirus pandemic and the collapsing economy that shows little signs of rebounding.

Continue Reading
 
 
You need honest news coverage. Help us deliver it. Join Raw Story Investigates for $1. Go ad-free.
close-image