Following the first official changes this past Sunday, the impacts of said tariffs are already affecting people everywhere.
- The costs of tariffs are likely to impact people who can least afford it.
- The Chinese goods targeted in the tariff hikes are typically bought by lower and middle class Americans
- Per Business Insider, “The latest round is also expected to disproportionately affect women.”
Regulatory Savings vs. Economic Costs of Recent Tariff Penalties
|Regulatory savings from Jan. 20, 2017 through June 30, 2019||Dead loss of tariffs imposed by Dec. 31, 2019||Dead loss annually with 30% tariffs on all Chinese products in addition to current tariffs||Dead loss annually if all tariffs are implemented in addition to current tariffs|
|$46.5 billion||$32.1 billion||$77.9 billion||$121.1 billion|
Source: National Foundation for American Policy summary of effects of tariff costs and regulatory savings. A dead loss is a burden on the overall economy. Note: A report from OMB in 2019 or 2020 will indicate whether or to what extent there have been additional regulatory savings after June 30, 2019.
China responded by both filing a complaint with the WTO, raising tariffs on $75 billion worth of US goods and, for the first time ever, putting a 5% tariff on crude oil. It’s obvious that a resolution is needed. In the meanwhile, if storage is a necessity to get your products on shore before more penalties arise – we’re fully equipped to handle it. Contact us for more information on how our services can help your company save and prepare for the on-going tariff war.
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