USA

The cost of US trade war

A new study conducted by economists from leading American universities, showed that the trade war initiated by President trump, cost the US economy in 2018 at $7.8 billion (0.04% of GDP).

The study involved economists from California, Columbia and Yale. According to the study, imports from targeted countries decreased by 31.5%, trust US exports fell by 11%.

In addition, the annual loss to consumers and producers from higher costs of imports amounted to $68.8 bn

“Research has shown that workers of the trade sector in the national States was the most adversely affected by a trade war,” said the economists.

Last summer, trump introduced duty in the amount of 25% on steel imports and 10% on aluminium imports from the EU, Canada and Mexico, and in the fall started the confrontation between the US and China, in which the sides several times increased the duty on imported goods.

Source:news.rusrek.com
Show More

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button