Tags: Trump Administration | china | trade war | tariffs | trump administration

WSJ: Govt Collected $5 Billion in Tariffs in October Amid Trade Spat

according to the wsj,  tariffs are likely to ultimately fall on the shoulders of american consumers

(Dominik Bruhn/Dreamstime)

By    |   Friday, 07 December 2018 01:02 PM

The United States government collected $5 billion in import tariffs during the month of October and the numbers continue to climb as the Trump administration capitalizes on additional revenue stemming from the trade war with China.

According to The Wall Street Journal, the tariffs — which are often paid by importers, who then pass the added costs onto companies to whom the products belong — are likely to ultimately fall on the shoulders of American consumers.

"That is most likely going to be borne by the customers," John T.C. Lee of a precision measuring instrument company said this week regarding tariffs on his company's imports, the Journal reported.

President Donald Trump is attempting to even the global trading field, which has led to tariffs being placed on steel and aluminum imports from certain countries, along with several products made in China.

The Journal reported that the amount of tariffs U.S. importers have paid since May has doubled. From August to October, the number increased by 30 percent.

Trump and Chinese President Xi Jinping recently met at the G-20 summit and are working on a solution to end the trade war that would be beneficial to both countries.

On Thursday and again on Friday, Trump tweeted that talks with China are going well.

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The United States government collected $5 billion in import tariffs during the month of October and the numbers continue to climb as the Trump administration capitalizes on additional revenue stemming from the trade war with China.
china, trade war, tariffs, trump administration
213
2018-02-07
Friday, 07 December 2018 01:02 PM
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