dChan - Q Origins Project Archive

Trump Admin Collecting $4.4 Billion From Tariffs on Steel, Aluminium, China Goods: Report

The federal government is starting to cash in on tariffs imposed by President Donald Trump on steel, aluminium, and a plethora of goods from China.

Importers already owe $4.4 billion on the tariffs, the Washington Examiner reported, citing Homeland Security Department data up to Oct. 2.

A majority—over $2.3 billion—of those monies is to be paid by steel importers. Another nearly $1.5 billion will come from tariffs on Chinese products, and over $600 million stems from aluminum imports.

The numbers come from assessments by the U.S. Customs and Border Protection and don’t necessarily reflect how much the government has already collected.

“A lot of money is coming into our coffers,” Trump commented on the issue at a Sept. 27 press conference.

Trump slapped 25 percent tariffs on steel and aluminum in the spring. He said dumping of the metals, from countries such as China, decimated domestic producers and America’s falling capability to produce its own steel created a national security risk, he argued.

The 10 percent tariff on $250 billion of Chinese goods was a retaliation against China’s rampant theft of American trade secrets, forced transfer of know-how, and other trade violations. The tariff is slated to increase to 25 percent on Jan. 1, 2019, unless the two countries can come to an agreement.

The steel tariffs have rejuvenated the American steel industry, but they have also put producers who depended on imported steel in a tough spot. U.S. companies have filed over 37,000 requests for exemption from the tariffs, forcing the Commerce Department to hire more people to handle them.

Zero Tariff End Game

The tariffs are part of Trump’s carrot-and-stick negotiating strategy, where he mounts pressure on foreign trade partners to lower their trade barriers, but offers to ultimately move to a no-tariff, no-barrier regime on all sides.

The approach seems to work as negotiators agreed on Sept. 30 to sign a new trade accord—the U.S.-Mexico-Canada Agreement (USMCA)—which will replace the North American Free Trade Agreement (NAFTA).

“By the way, without tariffs, we wouldn’t be talking about a deal, just for those babies out there that keep talking about tariffs. That includes Congress,” Trump said during a press conference on the USMCA on Oct. 1.

The EU has previously agreed to move toward the no-tariff regime, outside of the auto industry.

To get a deal out of China, however, may take some time, Trump said.

More: https://www.theepochtimes.com/trump-admin-is-collecting-4-4-billion-from-tariffs-on-steel-aluminium-china-goods-report_2683819.html