New data released by Americans for Free Trade, a broad coalition united in the fight against tariffs, reveals the steep price United States businesses, consumers, workers, and manufacturers have paid as part of the ongoing trade war with China.
Americans have paid an estimated $129 billion in Section 301 tariffs between July 2018 and April 2022, and there is no sign that Section 301 tariffs are slowing. In fact, the last nine months (August 2021 – April 2022) have proven to be the most expensive yet.
“Between the COVID-19 pandemic and rising costs from inflation, the last thing that American businesses and consumers should have to worry about are tariffs. Enough is enough,” said Americans for Free Trade spokesperson Jonathan Gold. “It’s been over four years since the trade war began, and people across the country are only continuing to suffer. If the Biden administration is serious about promoting worker-centric policies, it will move swiftly to remove the harmful tariffs and help U.S. companies recover.”
The data also showed that:
- The average monthly Section 301 tariffs paid under President Biden ($3.8 billion) are 67% higher than average monthly 301 tariffs paid under President Trump ($2.3 billion).
- About 55% of Section 301 tariffs were paid under President Trump ($71 billion) versus 45% under President Biden ($57 billion).
- Companies were able to avoid $21 billion in payments to the government up until the Section 301 tariffs exclusions were mostly ended on December 31, 2020.