Even after Trump's trade deal, China tariffs will cost the American economy $316 billion by the end of 2020
Even after Trump's trade deal, China tariffs will cost the American economy $316 billion by the end of 2020With the vast majority of punitive tariffs still in place and uncertainty about what might happen next, the dispute is likely to continue to take a toll on the largest economies. By the end of next year, those costs are expected to jump to $316 billion.
In this year alone, economists estimate those costs could chip away at 0.3% to 0.7% of gross domestic product. Anfound that in 2019 dollar terms, losses translate to $134 billion in lost GDP. By the end of next year, those costs are expected to jump to $316 billion. The so-called phase one deal lowered the tariff rate to 7.5% from 15% on Chinese products that were hit in September, which were valued at about $120 billion in 2017, and stalled the threat of further escalation. Yet a much steeper 25% tariff remains on roughly $250 billion worth of imports, including machinery and electronics.
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