U.S. Consumers & Businesses – Not China – Bear the Brunt of Trump’s Tariffs
In renewing a threat to sharply raise tariffs this week on hundreds of billions of dollars worth of goods from China, President Trump said in a tweet on Sunday that the levies have had little impact on U.S. consumers — it is the Chinese who are bearing the brunt of the trade war between the world’s two biggest economies, he claimed.
Yet research suggests otherwise, showing that American consumers and businesses are taking the biggest hit in the form of higher prices and costs. That’s especially true in areas of the country that typically vote for Republican candidates, like farming communities in the Midwest, according to one recent study by economists from UCLA, University of California, Berkeley, Columbia University and the World Bank.
