When Trump first sparked global trade tensions with major U.S. trading partners in July, U.S. businesses had hoped the disputes would be resolved quickly. But while the U.S., Canada and Mexico are set to sign an updated trade deal on Friday, negotiations with China have shown little progress.
As U.S. companies struggle to hold the line on prices while paying more for imported parts and supplies produced in China, Trump sought to highlight the benefits to American taxpayers from the increased tariffs collected by the Treasury. But companies are widely expected to pass along the cost of higher tariffs to American consumers. One recent study estimated the economic impact of Trump’s trade policies, in lost wages and higher prices, at $2,400 per household in 2019.