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Trump's trade war cost U.S. economy $7.8 billion in 2018: study

https://www.oann.com/trumps-trade-war-cost-u-s-economy-7-8-billion-in-2018-study/
See More From: oann.com

Mar 15, 2019 4:01 PM 1+ week ago

WASHINGTON (Reuters) - President Donald Trump's trade battles cost the U.S. economy $7.8 billion in lost gross domestic product in 2018, a study by a team of economists at leading American universities published this week showed.

Authors of the paper said they analyzed the short-run impact of Trump's actions and found that imports from targeted countries declined 31.5 percent while targeted U.S. exports fell by 11 percent. They also found that annual consumer and producer losses from higher costs of imports totaled $68.8 billion.

"After accounting for higher tariff revenue and gains to domestic producers from higher prices, the aggregate welfare loss was $7.8 billion," or 0.04 percent of GDP, the researchers said.

Having dubbed himself the "tariff man," Trump pledged on both the campaign trail and as president to reduce the trade deficit by shutting out unfairly traded imports and renegotiating free trade agreements.

Trump has pursued a protectionist trade agenda to shield U.S. manufacturing. Washington and Beijing have been locked in a ...

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