beijingwalker
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China trade war cost tops $40 billion in lost US exports, study says
US Trade Representative Robert Lighthizer was questioned by lawmakers about how tariffs are affecting their constituents.
By Shawn Donnan BLOOMBERG NEWS MARCH 01, 2019
Chinese retaliation against President Trump’s tariffs is hitting US exporters harder than their Chinese counterparts and costing the US the equivalent of about $40 billion a year in lost exports, according to a new study that highlights the mounting costs to the US economy of the trade war against China.
US tariffs imposed last year on some $250 billion in imports from China slowed shipments of the targeted products to US shores, according to findings from the Institute of International Finance published earlier this year. Now, a new IIF study of China’s retaliation has found that counter-tariffs had a far more severe impact on US exports, leading to a collapse in many of the roughly 900 categories of targeted American products.
That slump came at a real cost to the US economy. In calculations done for Bloomberg the IIF economists found that between July and November of last year, the value of lost exports topped $17 billion, according to Sergi Lanau, the IIF’s deputy chief economist. That’s an annualized hit of about $40 billion, or almost a third of the record $130 billion the US exported to China in 2017.
https://www.bostonglobe.com/busines...ost-exports/hB4nQlkkugiwHxWJ57IsXL/story.html
US Trade Representative Robert Lighthizer was questioned by lawmakers about how tariffs are affecting their constituents.
By Shawn Donnan BLOOMBERG NEWS MARCH 01, 2019
Chinese retaliation against President Trump’s tariffs is hitting US exporters harder than their Chinese counterparts and costing the US the equivalent of about $40 billion a year in lost exports, according to a new study that highlights the mounting costs to the US economy of the trade war against China.
US tariffs imposed last year on some $250 billion in imports from China slowed shipments of the targeted products to US shores, according to findings from the Institute of International Finance published earlier this year. Now, a new IIF study of China’s retaliation has found that counter-tariffs had a far more severe impact on US exports, leading to a collapse in many of the roughly 900 categories of targeted American products.
That slump came at a real cost to the US economy. In calculations done for Bloomberg the IIF economists found that between July and November of last year, the value of lost exports topped $17 billion, according to Sergi Lanau, the IIF’s deputy chief economist. That’s an annualized hit of about $40 billion, or almost a third of the record $130 billion the US exported to China in 2017.
https://www.bostonglobe.com/busines...ost-exports/hB4nQlkkugiwHxWJ57IsXL/story.html
