by Sundance at theconservativetreehouse.com
New analysis of the long-term impact from Section 301 tariffs triggered by President Trump against China, shows just how consequential economic nationalism can become.
Our own analysis of U.S. consumer prices in 2019 showed that prices of imported goods actually declined despite the tariffs. A recent report from CPA takes a look at the impact to Chinese exports to the U.S. [SEE DATA HERE] Bottom line, the tariffs worked to reduce Chinese imports.
CPA – […] Since the Section 301 tariffs were imposed, the share of imports from China has steadily declined from 21.6% in 2017 the year prior to the tariffs to 16.5%, a decline of 5.1%. No other country has lost as much share of total U.S. import penetration over the past five years.
In terms of total import value, Mexico gained the most from the tariffs, adding $110.8 billion. Vietnam gained the second most in import value by $78.4 billion and by far gained the most of total share of U.S. imports. In 2017, Vietnam accounted for about 2% of U.S. imports at $46.5 billion. In 2022, the U.S. imported $127.5 billion in goods from Vietnam, and the share of the total nearly doubled to 3.9%. Other countries in Southeast Asia such as Thailand, Cambodia, and Indonesia all saw significant increases in their value of imports by the U.S. (read more)
With the leading opponent to President Trump, Florida Governor Ron DeSantis, not supporting tariffs on behalf of the multinationals and Club for Growth donors who stand behind him, it’s worth revisiting the actual outcome to American consumers to dispel the popular myths about tariffs raising prices here at home.
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