EXPLAINER: Who pays Trump's tariffs - China and other exporters or U.S. customers? by rajeshkumarsgh ywchen1
CHICAGO - U.S. President Donald Trump said on Sunday he would raise tariffs to 25 percent from 10 percent on $200 billion of Chinese goods.
Trump has referred to himself as a “Tariff Man” and says the duties he has imposed on a range of goods and metal imports are filling up state coffers. Every item imported into the United States legally has a customs code. Importers are expected to check the tariffs and other taxes and duties due on the goods they bring in, calculate what they owe, and pay it.
Tractor manufacturer Deere & Co estimates a $100 million increase in its raw materials costs this year because of Trump’s tariffs on Chinese imports. Deere has cut costs and increased prices to protect its profits. Separately, a study by the Federal Reserve Bank of New York, Princeton University, and Columbia University concluded that the Chinese and steel and aluminum tariffs cost companies and consumers $3 billion a month in additional taxes and companies a further $1.4 billion in efficiency loses in 2018.0China has retaliated against U.S. tariffs by imposing its own tariffs on imports from the United States.
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