President Donald Trump on Friday claimed his latest round of import tariffs on Chinese goods will force China to pay '$100 billion' to the U.S. Treasury. In fact, the burden of higher tariffs will ultimately fall on American consumers.
President Donald Trump on Friday claimed a victory of sorts in an ongoing trade war with China, asserting that his latest round of import tariffs on Chinese goods will force China to pay"$100 billion" to the U.S. Treasury.
U.S. and Chinese negotiators resumed trade talks Friday under increasing pressure after Trump raised tariffs on $200 billion in Chinese goods and Beijing promised to retaliate, escalating a trade battle that began last summer. According to Treasury Department data, overall tariff revenue collected in the latest fiscal year - on imports from China and the rest of the world - is just a drop in the fiscal bucket.
Trump has claimed that the U.S. will benefit from higher tariffs on Chinese goods because China will now have to pay higher duties to the U.S. Treasury. But Trump's higher tariffs on Chinese goods would dampen U.S. economic growth no matter who foots the bill.
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