Home Indiana Agriculture News Trade War Has Cost $42B Since February 2018

Trade War Has Cost $42B Since February 2018

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A trade organization says the U.S. trade war with China has cost the U.S. $42 billion since February of 2018.

Tariffs Hurt the Heartland Monday released data showing that in October alone, Americans paid a total of $7.2 billion in tariffs, more than any other amount in U.S. history, with $4 billion of that total stemming from the trade war.

Americans for Free Trade spokesperson Jonathan Gold says, “It’s time the administration finalizes a deal with China to end the trade war and remove all tariffs.”

Talks of a phase one agreement continue, which would include agriculture provisions, but new tariffs are planned on China starting December 15.

President Donald Trump last week indicated a final overall agreement could wait until after the 2020 U.S. elections.

Brian Kuehl, co-executive director of Farmers for Free Trade, says the 2020 campaign will turn to farm states, adding, “The president needs to show he can close not just a phase one deal, but a comprehensive deal,” for farmers and rural America.