I thought China was paying?!https://markets.businessinsider.com/news/stocks/americans-paid-record-tariffs-in-july-amid-china-trade-war-2019-9-1028517496As President Donald Trump escalated the more than yearlong trade dispute between the US and China this summer, Americans paid a record amount in tariffs.Businesses and consumers in the USpaid $6.8 billion in tariffs this July, according to the free-trade advocacy groups Tariffs Hurt the Heartland and the Trade Partnership. That was the highest monthly total in US history and a 62% increase from the same period a year earlier, they said."You can't budget for a double-digit tariff increase, and you can't plan a business when you're living tweet-by-tweet," said Jonathan Gold, a representative for Tariffs Hurt the Heartland. "The administration needs to use upcoming negotiations to end a trade war that truly has no winners."
The month of record tariff revenue came before significant escalations between the US and China that the White House said were necessary to pressure China to change unfair trade practices. Each sideincreased tariffs on thousands of the other's productsthis month, targeting far more consumer imports than in previous tranches.Trump acknowledged in August for the first time that the cost of tariffs could fall on Americans, delaying a portion until after the holiday shopping season. He has also been briefed ona proposal to lower taxesby the amount raised in tariffs, though any such legislation would face an uphill battle in Congress.The groups' July figure was slightly higher than the one reported by the government. In itslatest monthly budget statement, the Treasury Department said the US collected $6.5 billion in customs duties.Dan Anthony, the vice president of the Trade Partnership, said tariff figures can vary because they are recorded by multiple departments and subject to revisions.
"The Tariff Tracker uses Census' calculated duties data because they are the only publicly available figures that contain the necessary product and country details for analyzing sector trends, state breakdowns, etc.," Anthony said.The Treasury Department is set to release official tariff figures for August on Thursday.
How many American factories have they opened since the tariffs started?
>>458871Not many. I am sure with the supply chain so globalized and just in time, I'm sure many firms have decided to move stakes to countries without tariffs for production.
>>458871A few in Mexico https://www.usatoday.com/story/money/2019/07/12/jobs-us-tariffs-china-arent-bringing-back-factories/1582529001/
>>458871A lot of production has moved to Vietnam
Reminder that traiffs are tax hikes on the poor.
>>458850>a proposal to lower taxesby the amount raised in tariffsWouldn't that completely remove the purpose of the tariffs? The point of tariffs is to make shit more expensive to disincentivize purchases of the shit.