Trump's China, Metals Tariffs Reach $4 Billion in New Revenue
- President has touted the amount as a sign his strategy works
- Firms and business groups oppose duties as the wrong approach
A worker walks over bundles of steel pipe stacked at a stockyard on the outskirts of Shanghai.
Photographer: Photgrapher: Qilai Shen/Bloomberg
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The U.S. calculates that new tariffs on imports of Chinese products, steel and aluminum could generate an additional $4 billion in revenue so far, as President Donald Trump makes the case that the duties put the U.S. in a strong bargaining position.
As of Wednesday, the U.S. Customs and Border Protection assessed $2.2 billion in tariffs on imported steel and $625.4 million on aluminum, as well as $1.2 billion in duties on Chinese imports, according to the agency’s data. The amount represents additional federal income from levies imposed on foreign imports of the metals and Chinese products this year.