U.S. importers have paid $6 billion in tariffs in June, a 74% jump compared to a year ago, according to the latest data by trade groups.
As President Donald Trump doubles down on tariff threats against China, the price tag of the year-long trade war is climbing for U.S. businesses.
“June was our biggest month yet there in terms of punitive tariffs made,” said Dan Anthony, vice president at The Trade Partnership. U.S. importers are legally responsible for paying the tariffs as the goods reach American ports. Some importers say they are able to mitigate the previous 10% tariffs due to the devaluation of the Chinese currency yuan. But with a 25% tariff, they have to pass along some costs, eventually to the consumers. In some cases, Chinese suppliers offer a lower price to stay competitive.
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