Published: March 05, 2019
Lorem
A spate of protect
ionist policies with trading partners reduced real US income by $1.4 billion a month at the end of 2018, according to a new study by economists at the New York Federal Reserve, Princeton, and Columbia.
Using official data on prices and quantities of imports, they found American consumers and businesses footed the bill following the $283 billion worth tariffs the Trump administration levied on major economies last year while overseas companies paid little to nothing.
Sub Hedding
“The entire incidence of the tariffs fell on domestic consumers and importers up to now, with no impact so far on the prices received by foreign exporters,” economists Mary Amiti, Stephen Redding, and David Weinstein write.
Minor Hedding
Throughout his months-long trade war, President Donald Trump has repeated the dubious claim that other countries pay tariffs. Last year, he asserted they could start paying down “large amounts” of the national debt (which is more than 9,000 times what the Treasury Department has typically brought in from tariff revenue each month of the trade war).