US companies forked over a record amount of tariffs in October ($6.2 billion!) because of Trump's trade war
Business Insider
Published Dec 10, 2018 08:53AM ET
Updated Dec 10, 2018 09:57AM ET
- US companies are paying more than ever before in tariff duties: $6.2 billion in October.
- The October tariff collections represented a 104% jump from October 2017.
- The sudden spike came due to President Donald Trump's tariffs on steel, aluminum, and Chinese goods.
- US companies paid $2.2 billion more to import goods subject to Trump's tariffs in October.
- The costs are causing major disruptions for American firms, including investment delays and layoffs.
The cost of President Donald Trump's even cost cuts like layoffs. If cost increases continue, US companies have warned, consumer prices could also start to rise.
If that were to happen or if Trump were to go through with threats to place tariffs on imported cars or more Chinese goods, the costs could eventually become a drag on US GDP growth.
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Written By: Business Insider
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