U.S. Economic News
August 7, 2019
U.S. News
According to the Wall Street Journal, the U.S. Treasury has collected more than $63 billion in tariffs since June of last year, up from around $30 billion in annual collections before the trade conflict with China. The U.S. is now on pace to collect around $72 billion in tariffs annually, with collections projected to reach as high as $100 billion if a new 10% tariff is imposed on an additional $300 billion in Chinese goods next month. WSJ
Bloomberg reports that U.S. companies are rapidly running out of warehouse space after packing storage facilities with imported goods in an effort to avoid anticipated tariffs on Chinese imports. The dearth of additional warehouse space means that many companies will be unable to use preemptive stockpiling to mitigate the effects of the next round of tariffs scheduled for September 1. Bloomberg