US collects US$63 billion in Chinese tariffs in 2019 through June
AS of June 30, the US government has collected US$63 billion in Chinese tariffs over the preceding 12 months, according to the latest Treasury data, reported the Wall Street Journal
AS of June 30, the US government has collected US$63 billion in Chinese tariffs over the preceding 12 months, according to the latest Treasury data, reported the Wall Street Journal.
The US collected $6 billion in tariffs in June, up from $5.3 billion in May and $4.8 billion in April, after US President Donald Trump's decision to raise levies on $200 billion in Chinese goods from 10 per cent to 25 per cent. The latter gradually took effect beginning in May, based on when goods left ports in China.
The US is now on pace to generate $72 billion in tariffs annually, and could well hit the $100 billion mark Trump has touted if new 10 per cent tariffs on $300 billion in untaxed imports take effect on September 1, as threatened.
For every dollar brought in by the new tariffs, a dollar has been authorised to fund rescue programmes for farmers who have been harmed by trade war retaliation from China and other countries. The US authorised $12 billion in farm rescue funds in 2018 and an additional $16 billion this year.