A new Federal Reserve report reveals how U.S. exporters have been hit by President Trump’s tariffs, and as reported by Bloomberg, exporters from most U.S. states experienced dismal sales to China last year due to tariffs.
“Particularly hard hit were some of the nation’s largest exporters to the Asian country — Texas, Florida and Alabama — which each saw sales plunge by more than 25%.”
In fact, the total U.S. merchandise exports to China fell 11% last year according to the latest data from the U.S. Commerce Department. And despite the signing of the Phase One Deal, it’s uncertain if U.S. exports to China will improve this year at all.
HillReporter.com echoed this notion as well, citing that the trade crisis will not be ending soon, and that the impact will continue to be felt by Americans nationwide:
“The tariffs are hurting American businesses in major ways as well. Last fall, a report from a nonprofit pro-business group called ‘Tariffs Hurt the Heartland’ found that the trade war, up to October of 2019, had cost U.S. companies more than $34 billion.”
The latest data only further proves that until a Phase Two Deal is negotiated and all tariffs are lifted, American businesses, consumers, farmers, and workers will continue to experience hardship.