Geneva, 4 November 2019 – US tariffs on China are hurting both countries economically. They have resulted in a sharp decline in bilateral trade, higher prices for consumers and trade diversion effects – increased imports from countries not directly involved in the trade war.
A new UNCTAD study finds that consumers in the US are bearing the heaviest brunt of the US tariffs on China, paying higher prices for imported goods, though Chinese firms have recently started absorbing part of the costs of the tariffs by reducing the prices of their exports.
While China is losing billions in the raging trade war, some economies are gaining. The study lists these beneficiaries of the trade diversion effects of US tariffs on China and how much they have each gained.
Press conference in Geneva:
With
- Alessandro Nicita, Economist, Division on International Trade, UNCTAD
Tuesday, 5 November 2019 at 14:00.
Press Room 1, Palais des Nations, Geneva
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