Friday, October 30, 2020

IMF: American companies paying tariffs imposed on Chinese imports

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Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

WASHINGTON (Reuters) – US companies are paying nearly all the cost of tariffs imposed by US President Donald Trump on Chinese imports, according to a report by the Russian news agency RIA today.

“Some of these drawings found their way to American consumers, such as those imposed on washing machines, while import companies absorbed part of them by reducing the profit margin,” Bloomberg quoted the researchers as saying.

The researchers confirmed what most economists have been saying for months that China does not bear the fees imposed by the United States, and that it is US companies and consumers who bear these costs.

The fund noted that consumers in the United States and China are the losers of trade tensions between the two most powerful economies in the world.

This contrasts with Trump’s assertion that China pays for it.

In another report released Thursday by researchers at the Federal Reserve Bank of New York, Washington’s 15 percent tariff increase on Chinese goods would cost every American family about $ 831 a year.

Trade negotiations between the world’s two most powerful economies have reached a dead end this month, with Trump accusing Beijing of retreating from an impending deal that officials from China and the United States were close to completing.

As a result, the US president increased customs duties from 10% to 25% on Chinese goods worth 200 billion dollars, to China’s response to the increase in tariffs also on US goods worth 50 billion dollars.

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]
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