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Main » 2018 » August » 15 » USA "collected" over $ 1.4 billion with rates for the aluminum and steel
USA "collected" over $ 1.4 billion with rates for the aluminum and steel


According to a recent report prepared for members of Congress, Trump's administration over the past five months, has collected more than $ 1.4 billion. In the form of new revenues following the introduction of tariffs on steel and aluminum. 

According to estimates by the Congressional Research Service, from 23 March to 16 July US profits from collecting US tariffs on steel and aluminum was $ 1.1 billion and $ 344.2 million respectively.






These revenues are growing as trade negotiations with the allies delayed, and President Donald Trump resorts to raise tariffs for countries such as Turkey, for example. 

Congressional Research Service says that the new tariffs could bring US $ 7.5 billion: $ 5.8 billion in steel and $ 1.7 billion for aluminum, given last year's levels of imports. In 2017 the United States imported steel products in the amount of $ 29 billion and aluminum in the amount of $ 17.4 billion.

Trump suggested that the rates originally presented as a national security may have additional benefits for reducing the federal budget deficit, which in July rose to $ 77 billion, which is more than the budget deficit in July 2017 in the amount of $ 43 billion. And borrowed funds Treasury to finance government operations this year for the first time exceeded $ 1 trillion. 

"With rates we can begin to pay large sums of money in a $ 21 trillion debt that has accumulated," - wrote Trump on 5 August. "At a minimum, we will improve the trading prospects for our country!"

When Treasury Secretary Steven Mnuchina asked about the revenue generated as a result of the tariffs, he said: "We are in the early stages, so I will not give specific numbers ... Our long-term goal - not to collect tariffs. Our long-term goal - to establish a free, fair and reciprocal trade. " 

Tariff payments are going to US Customs and Border Patrol and go directly into the general coffers of the Treasury. 


Analytics WELTRADE




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