One measure shows Americans paid $6.8 billion in tariffs during July — the most in American history

September 11, 2019

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As President Donald Trump escalated the more than yearlong trade dispute between the US and China this summer, Americans paid a record amount in tariffs.
Businesses and consumers in the US paid $6.8 billion in tariffs this July, according to the free-trade advocacy groups Tariffs Hurt the Heartland and the Trade Partnership.
The month of record tariff revenue came before significant escalations between the US and China, which the White House said were necessary to pressure China to change unfair trade practices.
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As President Donald Trump escalated the more than yearlong trade dispute between the US and China this summer, Americans paid a record amount in tariffs.

Businesses and consumers in the US paid $6.8 billion in tariffs this July, according to the free-trade advocacy groups Tariffs Hurt the Heartland and the Trade Partnership. That was the highest monthly total in US history and a 62% increase from the same period a year earlier.

“You can’t budget for a double-digit tariff increase, and you can’t plan a business when you’re living tweet-by-tweet,” said Jonathan Gold, the spokesperson for Tariffs Hurt the Heartland. “The administration needs to use upcoming negotiations to end a trade war that truly has no winners.”

The month of record tariff revenue came before significant escalations between the US and China, which the White House said were necessary to pressure China to change unfair trade practices. Both sides increased tariffs on thousands of each other’s products this month, targeting far more consumer imports than in previous tranches.

Trump acknowledged in August for the first time that the cost of its tariffs could fall on Americans, delaying a portion of them until after the holiday shopping season. He has also been briefed on a proposal to lower taxes by the …read more

Source:: Business Insider

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