$10 Billion in Section 232 Tariffs Assessed in Past Three Years

SEATTLE (Scrap Monster): The section 232 tariffs on steel and aluminum imports have resulted in more than $10 billion in duties being assessed since their implementation in March 2018, according to U.S. Customs and Border Protection. 

That total, through June 9, includes $8 billion in tariffs on steel and $2.5 billion on aluminum. 

Although the tariffs are assessed on importers, free trade advocates and many economists argue that the additional costs are generally passed on to other businesses and, ultimately, consumers. 

The U.S. Chamber of Commerce, for example, stated in February that, “Americans pay American tariffs. Research by the Federal Reserve Bank of New York has affirmed that – generally speaking – the tariffs imposed by the Trump administration ‘continue to be almost entirely borne by U.S. firms and consumers.’” 

Courtesy: https://amsci.us