U.S. Trade Commission Admits Tariffs Raised Prices for American Consumers
Tariffs raise prices.
That's something that shouldn't count as news, but sadly qualifies these days.
Five years after then-President Donald Trump declared a trade war with China and slapped new tariffs on steel and aluminum, the U.S. International Trade Commission (ITC) has found that those tariffs jacked up prices and reduced the availability of tariffed goods. In a report released Wednesday, the commission reported that American companies and consumers "bore nearly the full cost of these tariffs because import prices increased at the same rate as the tariffs."