U.S. Businesses Pay Out $4.4 Billion In Tariffs In September
In September, U.S. businesses paid $4.4 billion in tariffs, up more than 50 percent from the same month last year according to industry group Tariffs Hurt The Heartland. Exports of U.S. products hit by retaliatory tariffs dropped by 26 percent, or $2.5 billion, compared to September 2017.
Tariffs Hurt The Heartland, working with consulting firm Trade Partnership to calculate the costs using government data, says that U.S. companies paid approximately $545 million in steel and aluminum tariffs in September, and $800 million for Chinese products, despite most of these tariffs not going into effect until the end of the month.
“This historic rise in costs for American businesses, farmers and consumers is only the beginning,” says Charles Boustany, a former Congressman from Louisiana and a spokesman for the Tariffs Hurt the Heartland campaign. “Tariffs are taxes on Americans and every month this trade war continues these taxes will continue to grow. This data doesn’t yet include the bulk of tariffs the Administration has imposed on $200 billion in products that Americans buy every day; tariffs that are set to rise to 25 percent at the end of this year. In the coming months these tariffs will reach directly into the pockets of U.S. consumers and will continue to impact the bottom line of U.S. businesses and farmers. Instead of doubling-down on tariffs that this data shows are clearly hurting Americans, it is time for meaningful negotiations to take place. We urge the Administration to pursue negotiations with our trading partners that will de-escalate the trade war and spare Americans further economic pain.”
Tariffs Hurt The Heartland is supported by the coalitions Farmers For Free Trade and Americans For Free Trade, of which PPAI is a member. The Association is developing tools for promotional products businesses to stay informed of, identify and navigate the tariffs and their effects, and working with import and tariff experts at Akin Gump Strauss Hauer & Feld LLP, it has produced a plain English “translation” of the very technical list of products affected by government levies. Click here for the list, organized by HTS (Harmonized Tariff Schedule) code.
Follow PPB Newslink for continuing information on this issue. The Association also encourages industry companies to communicate with supply chain partners, clients and end users about the tariffs and their impact.