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From United Press International
March 26 (UPI) -- U.S. tariffs on China are having a tremendous impact on Americans' income -- to the tune of more than $1 billion every month, the Federal Reserve of New York and researchers said in a new fiscal analysis.
The price of goods and products saw "substantial increases" because imports include a "complete passthrough" of tariffs imposed by the Trump administration, according to research from the New York Fed, Princeton University and Columbia University. The research also said domestic products had less competition from imports, which raised prices.
By the end of November, U.S. income was reduced by a rate of $1.4 billion per month, the study said. The economists -- Mary Amiti of the New York Fed, Princeton professor Stephen Redding and Columbia professor David Weinstein -- said a lack of import variety and supply disruptions were significant factors.
"Economists have long argued that there are real income losses from import protection. Using the evidence to date from the 2018 trade war, we find empirical support for these arguments," the researchers wrote in the study, which used data from November. "Losses mounted steadily over the year, as each wave of tariffs affected additional countries and products, and increased substantially after the imposition of the wave 6 tariffs on $200 billion dollars of Chinese exports."
COMMENT:-
That "HUGE" $1.4Bn actually works out to a mere $1.41 per person per day according to an analysis by "True Responsible Unbiased Media Project".
That amount is so small that it couldn't possibly have any impact on the American economy.
Right?
Experts: China tariffs have sacked U.S. income by $1.4B a month
March 26 (UPI) -- U.S. tariffs on China are having a tremendous impact on Americans' income -- to the tune of more than $1 billion every month, the Federal Reserve of New York and researchers said in a new fiscal analysis.
The price of goods and products saw "substantial increases" because imports include a "complete passthrough" of tariffs imposed by the Trump administration, according to research from the New York Fed, Princeton University and Columbia University. The research also said domestic products had less competition from imports, which raised prices.
By the end of November, U.S. income was reduced by a rate of $1.4 billion per month, the study said. The economists -- Mary Amiti of the New York Fed, Princeton professor Stephen Redding and Columbia professor David Weinstein -- said a lack of import variety and supply disruptions were significant factors.
"Economists have long argued that there are real income losses from import protection. Using the evidence to date from the 2018 trade war, we find empirical support for these arguments," the researchers wrote in the study, which used data from November. "Losses mounted steadily over the year, as each wave of tariffs affected additional countries and products, and increased substantially after the imposition of the wave 6 tariffs on $200 billion dollars of Chinese exports."
COMMENT:-
That "HUGE" $1.4Bn actually works out to a mere $1.41 per person per day according to an analysis by "True Responsible Unbiased Media Project".
That amount is so small that it couldn't possibly have any impact on the American economy.
Right?