Caixin
Caixin Global – Latest China News & Headlines

Home >

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING
Which Money-Losing Electric-Car Makers Have Tied Up With Huawei?
Tencent-Backed Insurtech Firm Waterdrop Aims to Raise up to $360 Million in U.S. IPO
Indonesian Ride-Hailing Unicorn Gojek Aims to Go All Electric by 2030
LATEST
Tencent Reportedly Negotiating Risk-Mitigation Measures to Retain U.S. Gaming Investments
Foxconn to Set Up Chipmaking Joint Venture with Yageo
Excluding Chinese Vendors from Indian 5G Trials Will Hold Back Development, Diplomat Says
Alibaba-Backed MYBank Eyes Deeper Penetration Into Under-Banked Rural China
Vivo and Oppo Claim Top Two Spots in China Smartphone Market as Huawei Falls
U.S. Urges TSMC to Prioritize Supplies to American Carmakers Grappling with Global Chip Shortage
Indonesian Ride-Hailing Unicorn Gojek Aims to Go All Electric by 2030
Tencent-Backed Insurtech Firm Waterdrop Aims to Raise up to $360 Million in U.S. IPO
Which Money-Losing Electric-Car Makers Have Tied Up With Huawei?
Video Platform Bilibili to Buy Stake in Mobile-Game Maker CMGE to Boost Content
Baidu to Roll Out Driverless Robotaxis in Beijing in May
Tesla Challenger Nio Shrinks Losses as Sales Surge
Trending in China: A Beijing Bureaucrat Worked as Delivery Driver for a Day and Earned Just $6
Fjord Focus: Why Are Chinese Electric-Car Makers Flocking to Norway?
Alibaba Has Big Plans for Taobao’s Livestreaming Hawking Business
Xiaomi Extends Reign as India’s Smartphone King Despite Slipping Market Share
Self-Driving Truck Startup Plus to Develop Natural Gas-Powered Vehicle With U.S. Engine-Maker
China’s Origin Space Launches Prototype to See How Well It Cleans Up Space Junk
Trending in China: Is Bubble Tea for Tesla Really Such a Bad PR Effort?
TikTok to Set Up European Transparency Center to Ease Data Security Concerns
U.S. Companies and Consumers Pay for China Tariff Costs, IMF Says

By Bloomberg / May 24, 2019 02:55 AM / Economy

Photo: Bloomberg

Photo: Bloomberg

Companies in the U.S. are paying almost all the costs from President Donald Trump’s tariffs on Chinese imports, International Monetary Fund researchers said in findings that dispute the president’s assertions that China is footing the bill.

IMF researchers found that “tariff revenue collected has been borne almost entirely by U.S. importers,” according to an IMF blog post Thursday.

“Some of these tariffs have been passed on to U.S. consumers, like those on washing machines, while others have been absorbed by importing firms through lower profit margins,” the IMF said.

The report concludes what most private economists have argued for months: that China doesn’t pay U.S. tariffs, American consumers and companies do. “Consumers in the U.S. and China are unequivocally the losers from trade tensions,” the IMF said.

Co-written by IMF Chief Economist Gita Gopinath, the paper says a trade war that escalates with all the threatened tariffs will subtract about a third of a percentage point of from global gross domestic product, “with half stemming from business and market confidence effects.”

The fund in April cut its 2019 forecast for global growth to 3.3%, the lowest since the financial crisis, citing higher tariffs weighing on trade and weakness in some advanced economies.

Related: Tariffs ‘Catastrophic,’ Footwear Giants Tell Trump

Share this article
Open WeChat and scan the QR code