Tariff hikes imposed by the United States on Chinese imports is hurting the country itself, according to data released by a US pro-free trade online campaign “Tariffs Hurt the Heartland” on Saturday.
Data from the US Census Bureau shows that US enterprises and consumers paid 6 billion US dollars in tariffs in June this year, which was one of the highest tariffed months in US history with a year-on-year increase of 2.5 billion US dollars (74 percent), according to the latest article published on the website of “Tariffs Hurt the Heartland”, a coalition of businesses and associations.
From the beginning of the US-China trade dispute last year through June of this year, US taxpayers have already paid over 27 billion US dollars in extra import tariffs, of which nearly 75 percent are from US additional tariffs on Chinese goods, according to the article.
Jonathan Gold, spokesman for Tariffs Hurt the Heartland, said that the US tariff hikes have not helped address any problems.
On the contrary, those tariffs are costing American jobs, raising prices, hurting farmers and slowing down US economic growth.
He further expressed concern that if Washington imposes additional tariffs on 300 billion US dollars’ worth of Chinese imports on Sept. 1, both US citizens and the US economy will be bound to suffer more damage.
The post US business coalition shows tariff hikes on Chinese imports hurt itself appeared first on SABC News – Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader..