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U.S. group says Trump trade tariffs cost businesses $2.7 billion in November

Reuters  |  WASHINGTON 

By Nandita Bose

(Reuters) - U.S. businesses paid an additional $2.7 billion in tariffs in November 2018, according to data from a coalition of U.S. business groups fighting Donald Trump's trade tariffs.

The group, which brands itself "Tariffs Hurt the Heartland" and includes the Americans for Free Trade coalition and Farmers for Free Trade, crunches tariff payment data nationally and by state.

The data is part of a monthly series called the Tariff Tracker, which the group releases in a tie-up with The Trade Partnership, a Washington-based international trade and economic consulting firm. The monthly import data, it said, is calculated using numbers from the U.S. Census Bureau, and the monthly export data is compiled using numbers from the Census Bureau and the

The November numbers are the latest government ones available due to the recent shutdown.

The group's spokesman, former Republican Charles Boustany, said the data shows Americans, not foreign competitors, are the big losers in the trade war.

"U.S. businesses are being hit by a double whammy of historic tax increases in the form of tariffs and declining exports as farmers and manufacturers lose opportunities in the overseas markets they rely on," Boustany said.

The group also said retaliatory tariffs have severely impacted U.S. exports. In November, U.S. exports of products subject to retaliatory tariffs declined by $4.1 billion, or 37 percent, from the previous year, it said.

Hun Quach, of international trade at the Retail Industry Leaders Association, said raising tariffs on thousands of will cause massive disruption to retailers in an already uncertain environment.

U.S. tariffs on $200 billion worth of imports from are scheduled to rise to 25 percent from 10 percent if the two sides cannot reach a deal by a March 1 deadline. On Wednesday, told reporters in that talks between the two sides were going well.

told that Trump is weighing different possibilities on how to treat the March 1 deadline to reach a trade deal with China, adding that the final agreement depends on Trump and Chinese meeting in person.

The would escalate tariffs on Chinese goods if the deadline is missed, and likely prompt to retaliate.

(Reporting by in Washington; Editing by Leslie Adler)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 14 2019. 15:40 IST