Tariffs Donald Trump has imposed on imports from China will eliminate the economic benefits of the administration’s regulatory policies.
Share to twitterDonald Trump signing the first round of tariffs on imports from China on March 22, 2018. The Trump administration argues that its deregulation efforts have boosted the U.S. economy. However, new research shows the tariffs Donald Trump has imposed on steel and various imports from China will soon overwhelm the economic benefits from the administration’s regulatory policies.
William Burke, director of research at the Beacon Hill Institute, the authors of the NFAP report. Tuerck and Burke are both research fellows at the National Foundation for American Policy. In addition, the Trump administration increased tariffs from 10% to 25% on $200 billion worth of U.S. imports from China and after China retaliated with tariffs on U.S. goods, Trump announced on Twitter an additional 5 percentage point increase in tariffs on Chinese products. That imposes an additional $9.4 billion in dead loss on the economy by increasing from 25% to 30% tariffs on $250 billion worth of Chinese goods.
Imposing these tariffs in addition to those already imposed would leave an annual dead loss to the economy from the Trump administration’s tariffs of $77.9 billion, more than the $46.5 billion in regulatory cost savings as of June 30, 2019.”
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