According to a report on the Bloomberg News website on March 15, an independent U.S. agency’s report found thatU.S. importers were responsible for the Trump administration’s tariffs on Chinese goods worth more than $300 billion. impose nearly the entire burden of tariffs, thus raising the cost of goods purchased by American companies.
The U.S. International Trade Commission said in a report on the 15th that it found that after the implementation of the so-called “Section 301”, the prices of U.S. imported goods increased almost exactly. This conclusion supports what the U.S. Chamber of Commerce and independent academic economists have long said, That is, the cost of tariffs hurts American companies rather than Chinese companies, and contradicts Trump’s statement that China will pay the final cost of tariffs.
The Biden administration has maintained tariffs on Chinese imports for more than two years. It is currently evaluating its effectiveness and deciding whether to continue to impose additional tariffs.
The U.S. International Trade Commission said that in 2021, some of the hardest-hit industries — including computer equipment, semiconductors, furniture and audio and video equipment — saw price increases for goods imported from China. Up to 25%. However, the prices of U.S.-produced goods in some industries only increased by 3% to 4%.
The International Trade Commission said imports of affected Chinese goods fell from $311 billion in 2017 to about $265 billion in 2021.
Across all affected industries, tariffs reduced Chinese imports by 13% between 2018 and 2021, increased U.S. output by 0.4%, and increased the price of U.S.-produced goods by 0.2%. At a three-day public hearing held by the International Trade Commission last July, producers who compete with Chinese imports expressed support for the tariffs, while those who rely on the affected goods Manufacturers of imported goods from China oppose the additional tariffs. </strong
