Trump Tariffs Have Cost State $800 Million
New analysis says state businesses, taxpayers paid that so far in tariffs, with more coming.
Businesses are suffering and taxpayers are shelling out due to the Trump administration’s increased import taxes, according to new analysis from a free trade group.
Tariffs Hurt the Heartland says Wisconsinites have paid almost $830 million so far in additional taxes — $84 million in October alone.
The Trump administration started imposing tariffs — or increased import taxes — on Chinese goods in 2018.
Meanwhile, a new round of tariffs is scheduled to take effect on Dec. 15.
Tariffs Hurt the Heartland hosted a panel about the tariffs at Dancing Goat Distillery in Cambridge, Wisconsin on Monday. Jay Maas, the distillery’s director of finance and administration, said a 25 percent tariff on Chinese glass is making it more expensive to get the custom bottles for the distillery’s products.
“It’s about $250,000 to $300,000 it’s cost us in tariffs, just alone this year, and we’re a small business, so that hurts substantially,” Maas said.
China has clapped back with its own tariffs on important Wisconsin goods like ginseng, which has impacted local farmers who rely on the Chinese market. China’s retaliatory tariffs totaled $12 billion since the trade war began, according to Tariffs Hurt the Heartland.
“Suppose we end the trade war with China, and China removes the tariffs. Well, we are not sure we are going to be able to recover the market again,” Muniagurria said.
Jason Culotta, president of the Midwest Food Products Association, praised the recent US-Japan trade deal. Japan agreed to stop charging for imports of important Wisconsin agricultural products like cranberries and sweet corn.
“We really want to see that happen more,” Culotta said.
The possibility of a trade deal with China remains uncertain, but another big trade agreement has made progress. Democrats in the U.S. House of Representatives have a tentative deal with the White House on a revised version of the U.S.-Mexico-Canada trade agreement, the Associated Press reported Monday, although it still needs to be finalized and submitted to Congress.
Listen to the WPR report here.
Analysis: Trump Tariffs Cost Wisconsinites Millions (So Far) was originally published by Wisconsin Public Radio.
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- Murphy’s Law: Trump Tariffs Slam Wisconsin Economy - Bruce Murphy - Jun 29th, 2020
- Baldwin Calling on Trump Administration to Take Action and Support Wisconsin Hardwood Businesses Hurt by Trade War - U.S. Sen. Tammy Baldwin - Feb 25th, 2020
- Trade War Wounds May Heal Soon - Erik Gunn - Feb 21st, 2020
- How China Trade Agreement Impacts Wisconsin Farmers - Miranda Suarez - Jan 16th, 2020
- Trump Tariffs Have Cost State $800 Million - Miranda Suarez - Dec 10th, 2019
- U.S. Senator Tammy Baldwin Seeks Investigation into Possible Market Manipulation Regarding Market Bets Timed to Trump’s Comments on Trade War & Other Geopolitical Events - U.S. Sen. Tammy Baldwin - Oct 21st, 2019
- Port Milwaukee Shipping Up in 2019 - Danielle Kaeding - Oct 21st, 2019
- Stuck to Gallagher: Does Your Party Care About Small Business? - State Rep. Amanda Stuck - Oct 10th, 2019
- Evers Blasts Trump “Tweet” Trade Wars - Erik Gunn - Sep 16th, 2019
- Donald Trump’s Administration Laughs in the Face of Struggling Farmers - Democratic Party of Wisconsin - Aug 13th, 2019
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