You are here

Tariffs Cost $6.8 Billion in July, Say Equipment Manufacturers

American businesses paid a record $6.8 billion in July due to tariffs and extra import tariffs, says Dennis Slater, president of the Association of Equipment Manufacturers (AEM). The total cost to taxpayers is now $30 billion, he says.

“These tariffs are increasingly hurting American workers and their families,” says Slater. “U.S. taxpayers have paid over $30 billion in extra import tariffs according to the new data released today, and that number will rise as the situation worsens. It shows again that these tariffs don’t work and are serving as a tax on American consumers. It’s time to end this trade war. Americans across the country, including our industry’s 1.3 million men and women, deserve better.”

The new data comes from Tariffs Hurt the Heartland, the coalition AEM joined last year along with more than 150 associations representing every sector of the U.S. economy. The data shows that tariffs cost American business and consumers $6.8 billion in July, the highest monthly total in U.S. history.

The $6.8 billion in overall tariffs paid is a 62% increase from July 2018, driven by $3.5 billion in new tariffs on goods imported from China. July marked the first full month of data collected after tariffs on many of those products increased from 10% to 25% earlier this year.

The data does not include recent and upcoming tariff increases on nearly $300 billion in additional imports.

Read more about

Tip of the Day

Agronomy Tip: Apply Fungicide to Ensure Stalk Quality

A Class combine harvests corn. Ensure stalk quality and yield by prioritizing a fungicide application.

Talk in Marketing