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U.S. President Donald Trump famously tweeted that “trade wars are good, and easy to win” in 2018 as he began to impose tariffs on about $360 billion of imports from China. Turns out he was wrong on both counts.
how-china-won-trump-s-good-and-easy-to-win-trade-war?Trump repeatedly claimed that China was paying for the tariffs. Economists who crunched the numbers were surprised to find that Chinese exporters generally didn’t lower prices to keep their goods competitive after the tariffs were imposed. That meant U.S. duties were mostly paid by its own companies and consumers.
The tariffs led to an income loss for U.S. consumers of about $16.8 billion annually in 2018, according to a National Bureau of Economic Research paper.