The bank said that other producers have increased prices to benefit from the trade war.
While President Donald Trump continues to assert that China will pay for tariffs levied by the U.S., Goldman Sachs said that the cost of tariffs levied last year"have fallen entirely on U.S. businesses and households."
The comments from Goldman Sachs cited a widely referenced study from the Federal Reserve Bank of New York and Columbia and Princeton universities, which found that U.S. companies were paying $3 billion more in taxes due to the tariffs. Oxford Economics said that the Trump administration's decision to raise tariffs from 10 percent to 25 percent on $200 billion of Chinese goods, which was announced on Friday, would cost the economy $62 billion in economic output.
China announced on Monday that it would increase tariffs on 4,000 products in retaliation for the tariffs announced by the U.S. last week, according to The Guardian. The hikes declared by the Chinese will affect goods that were initially hit with five percent tariffs last year after Trump levied 10 percent tariffs against the $200 billion of goods.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Senate Intelligence Committee subpoenas Donald Trump Jr. over Trump Tower Moscow testimonyThe Republican-led Senate Intelligence Committee has subpoenaed President Donald Trump's eldest son, Donald Trump Jr., to answer questions about his claim to have just limited knowledge of an ultimately aborted plan to build a Trump Tower in Moscow.
Read more »
Trump 'very surprised' about subpoena for his son Donald Trump Jr.Pres. Trump told ABC's jonkarl he was 'very surprised' the Senate Intelligence Committee subpoenaed Donald Trump Jr. 'My son is a very good person, works very hard, the last thing he needs is Washington, D.C. He would rather not ever be involved.'
Read more »
Jared Kushner and Ivanka Trump should be subpoenaed like Donald Trump Jr., former federal prosecutor says“I don't see Senate Intel doing this, but House Intel and/or Judiciary should subpoena Ivanka Trump and Jared Kushner too,” former prosecutor Elizabeth de la Vega tweeted.
Read more »
Melania Trump praises Twitter, Facebook as 'true partners' as Donald Trump Jr. slams their 'political discrimination'“Your work is saving lives and helping children,' Melania Trump said of Twitter, Facebook, Google and other organizations.
Read more »
Fox host Sean Hannity dismisses Donald Trump's tax losses: ”Businesses fail every day”The Sean Hannity Show host said: “The Trump organization is still an overwhelming American success story.”
Read more »
Donald Trump Jr. subpoenaed by Senate committee for further testimony on campaign’s Russia contactsThe panel wants to speak to the president’s son a second time for their ongoing investigation of Russian interference in the 2016 U.S. presidential election.
Read more »
President Donald Trump suggests Red Sox's winning streak is due to White House visitThe President tweeted Monday that 'all the Boston (Red Sox) have done is WIN since coming to the White House!'
Read more »