$5-B in Tariffs Collected in October From US-China Trade Dispute
- On Thursday and again on Friday, President Trump Tweeted that talks with China are going well.
According to the data, the tariffs which are often paid by importers, who then pass the added costs onto companies to whom the products belong are may fall on the shoulders of American consumers.
The United States government collected $5-B in import tariffs during the month of October and the numbers continue to rise as The Trump Administration capitalizes on additional revenue stemming from the trade dispute with China
President Donald Trump is working to level the global trading field, which has led to tariffs being placed on steel and aluminum imports from certain countries, along with several products Made in China.
The WS-J reported Friday that the amount of tariffs US importers have paid since May has 2X’d. From August to October, the number increased by 30%.
Saturday, Presidents Trump and Xi met for dinner on the sidelines of the G-20 Summit in Argentina and have agreed in principle on a solution to end the trade dispute that will be beneficial to both nations, the 2 largest economies in the world.
China’s government said Thursday it will promptly carry out a tariff truce with Washington and is confident they can reach a trade agreement, Beijing wants to avoid disruptions due to the arrest of a tech executive in Canada.
Talks during the 90 day period during which President Trump has agreed to suspend US tariff hikes will start by focusing on farm goods, energy and automobiles, said a Ministry of Commerce spokesman.
Asked to confirm whether Beijing promised to buy American goods immediately, Gao said China will “immediately implement the consensus reached by the two sides on farm products, cars and energy.”
The purchases are to be in Soybean and LGN, the number is said to be $1.3-T.