President Trump’s trade policies and tariffs reduced U.S. income at a rate of $1.4 billion per month by the end of last November, according to new research from the Federal Reserve Bank of New York, Princeton University, and Columbia University.
President Donald Trump’s trade policies and tariffs reduced U.S. income at a rate of $1.4 billion per month by the end of last November, according to new research from the Federal Reserve Bank of New York, Princeton University, and Columbia University.
Amiti, Redding, and Weinstein found that while losses were accumulating at a rate of $1.4 billion per month by last November, total losses from January 2018 through November 2018 ballooned to a conservative estimate of $6.9 billion. Trump has had varying success with the tariff tactic, winning both a revised version of the North American Free Trade Agreement as well as alienating key allies including Canada and the European Union. The White House announced a round of tariffs on $200 billion of products imported from China at a 10 percent rate last year.
In the three years prior to the imposition of tariffs, all categories of goods experienced increases in the number of varieties offered in the U.S., the researchers said.
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