After a meeting last week during the G20 Summit in Buenos Aires, President Trump and Chinese President Xi Jinping agreed to work towards more common ground on trade over the next 90 days, during which no new tariffs will be added and no existing tariffs will be increased. Negotiations have already begun and both nations are working toward a deal.
US companies paid a total of $6.2 billion in tariffs in October—$2.8 billion as a result of new Trump Administration-induced tariffs, according to industry coalition Tariffs Hurt the Heartland. That’s the highest monthly amount paid in tariffs in US history, and double what businesses paid in October 2017.
However, tariffs aren’t working as the US president intended. The impact, rather, appears to be largely adverse for the US economy.Imports subject to new tariffs declined by just 0.6 per cent in October, while US exports subject to retaliation fell 37 percent.
