October Tariffs Highest in History

Tariffs Hurt the Heartland released data that showed an increase in import tariffs and falling U.S. exports due to new tariffs and international retaliation.  THH said tariff costs to U.S. businesses have never been higher.  The data is drawn from U.S. Census statistics on tariffs.

It includes the first look at the full weight of the tariffs that were imposed on $200 billion in Chinese imports, as well as the impact of trade retaliation.  The data shows that U.S. businesses paid $6.2 billion in tariffs during October.  That’s the highest monthly amount in U.S. history.  It’s also more than twice the amount that businesses paid in tariff costs last year.

A Tariffs Hurt the Heartland release says the numbers don’t lie. “Americans are paying these taxes and they’re paying more than ever before.  The tariffs aren’t making our country wealthier, they’re doing the exact opposite,” said group spokesman Charles Boustany.

The data shows that the tariffs have been an unmitigated failure in achieving any of the Administrations’ goals.

The former Congressman added, “American businesses, farmers, manufacturers, and consumers are suffering under the weight of the current tariffs and are reeling from the continued uncertainty over whether they’ll be increased further.”

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