US companies forked over a record amount of tariffs in October ($6.2 billion!) because of Trump’s trade war

Jonathan Ernst/Reuters

• US companies are paying more than ever before in tariff duties: $ 6.2 billion in October.
• The October tariff collections represented a 104% jump from October 2017.
• The sudden spike came due to President Donald Trump’s tariffs on steel, aluminum, and Chinese goods.
• US companies paid $ 2.2 billion more to import goods subject to Trump’s tariffs in October.
• The costs are causing major disruptions for American firms, including investment delays and layoffs.

The cost of President Donald Trump’s trade war is starting to pile up.

Trump has cheered billions “pouring into the coffers of the USA,” but new data shows companies’ costs starting to reach new records:

See the rest of the story at Business Insider

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See Also:

• We just got a new sign that the pain from Trump’s trade war is getting worse, and it’s spreading to even more businesses like restaurants
• White House chief of staff John Kelly reportedly plans to resign after his feud with Trump got so bad they stopped speaking
• Trump is losing the trade war with China based on his favorite report card, and it’s probably going to keep getting worse

SEE ALSO: Trump’s ‘Tariff Man’ tweet was an homage one of his favorite presidents who ran on a platform of tariffs