American companies paid a record $7.2 billion in import taxes in October, or more than twice the average monthly amount before President Trump began imposing tariffs on Chinese goods and foreign steel and aluminum in 2018
“This trade war has lasted long enough and done enough damage,” said Jonathan Gold, a spokesperson for Americans for Free Trade. “It’s time the administration finalize a deal with China to end the trade war and remove all tariffs.”The costs of the tariffs can range from hundreds of thousand to millions of dollars for small and medium-size firms like Misco Speakers, a 70-year-old manufacturer based in St. Paul, Minn.
Trump could still cancel or postpone the upcoming China duty increase. But that depends on progress in ongoing talks on a “phase one” trade agreement to address some of the concerns that prompted him to initially impose duties. Because of Trump's tariffs, Misco is paying a 25 percent tax on the Chinese components it needs to make its speaker products. But in an odd twist, finished speakers face only a 15 percent tariff, so Trump has put Misco at a price disadvantage to companies that manufacture in China, Digre said.
Duties aren't just affecting imports but also take toll on U.S. exports, causing further losses for American firms. For the 12 months ending in October, exports of U.S. goods subject to retaliation fell 25 percent below their 2017 levels, said Dan Anthony, vice president of The Trade Partnership.U.S. exports to Canada and Mexico also have not returned to pre-retaliation levels, even though Trump lifted his steel and aluminum tariffs on those countries this summer.
Companies in other states that could play a key role in Trump’s reelection or ouster are also facing increased tariffs: Michigan, $1.8 billion; Ohio, $1.5 billion; Pennsylvania, $1.2 billion; Wisconsin, $827 million; and Minnesota, $797 million.Turbie Twist
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