Tariffs on China Don’t Cover the Costs of Trump’s Trade War

Washington Post logoWASHINGTON — President Trump on Monday portrayed America as being on the winning end of his trade war, saying tariffs are punishing China’s economy while generating billions of dollars for the United States, an economic victory that will allow him to continue his fight without domestic harm.

“We’ve taken in tens of billions of dollars in tariffs from China,” Mr. Trump told reporters during a “Made in America” product event at the White House. While China has taken $16 billion “off the table” by stopping its purchases of American agriculture, he said, the United States has “taken in much, much more — many times that in tariffs.”

But government figures show that the revenue the United States has collected from tariffs on $250 billion worth of Chinese goods is not enough to cover the cost of the president’s bailout for farmers, let alone compensate the many other industries hurt by trade tensions. The longer Mr. Trump’s dispute with China drags on, the more difficult it could be for him to ignore that gap.

View the complete July 15 article by Ana Swanson and Jim Tankersley on The New York Times website here.