U.S. businesses and consumers are feeling the harsh realities of tariffs — to the tune of $1.4 billion a month.
A new study found that tariffs are damaging the U.S. economy, and Americans have less income as a result. By the end of last year, the reduction in U.S. income totaled about $1.4 billion a month.
The study found that throughout 2018, “the U.S. experienced substantial increases in the prices of intermediates and final goods, dramatic changes to its supply-chain network, reductions in availability of imported varieties, and complete passthrough of the tariffs into domestic prices of imported goods.”
What does this mean for you?
- You’re paying more for some products that you need.
- Jobs within some supply chains are in danger of disappearing.
- Your options may become limited because some products are just too expensive to bring to the United States at all.
Bottom line: You’re paying the price for restrictive trade policies. The study also found that tariffs cost Americans at least $6.9 billion last year. And that’s the conservative estimate.
Thanks in part to tax reform and smarter regulatory policy, the U.S. economy is doing very well. But if it weren’t for the billions in lost income and tariffs, America could be doing better.
Congress can support American businesses and families by easing restrictive trade policies. More trade equals more jobs, more wealth and more growth.