Business
2018.10.12 12:52 GMT+8

Tariff cost increased by 45 percent in August for US itself

CGTN

Tariffs paid by American businesses and consumers in August amounted to 4.4 billion US dollars, increasing by 45 percent from a year earlier, according to the new data about the costs of tariffs across the United States released by Tariffs Hurt the Heartland, a nationwide campaign by a business group against tariffs in the United States.

Source: Tariffs Hurt the Heartland

“These tariffs are taxes on American businesses and consumers,” said Tariffs Hurt the Heartland spokesperson Angela Hofmann. “They aren't paid by other countries. They are paid here at home. What this data shows is that we are already seeing a steep increase both nationally and at the state level in the tariff costs businesses and consumers are paying.”

Compared with tariff costs in August 2017, the amount of tariff paid by Michigan tripled to 178 million US dollars, and tariff costs in other states like Texas, Illinois and Alabama more than doubled.

According to Tariffs Hurt the Heartland, these tariffs do harm to businesses of all sizes, especially to those small businesses, manufacturers and consumers shouldering the burden of tariff increases in the form of higher prices.

In addition, American states are significantly influenced by tariffs in steel and aluminum industries.

American companies have paid an additional 1.5 billion US dollars, including 475 million US dollars in August subject to the section 232 steel tariffs for products that were previously duty free.

Lastly, section 301 tariffs cost American companies about 550 million US dollars in August. Products subject to the Section 301 remedies faced 594 million US dollars in tariffs in August, compared with just 46 million US dollars in August 2017, the campaign added. 

The campaign also warns of potentially increasing costs for American businesses and consumers as more announced tariffs come into effect.

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