Tariffs by the numbers
Impact will vary significantly, state by state
On Sept. 24, the United States imposed a 10 percent tariff on $200 billion worth of Chinese goods. Barring a resolution with China, the tariffs on these products will increase to 25 percent in 2019. If tariffs are fully implemented, RSM estimates they will shave 0.3 to 0.4 percent off growth.
About half of the $505 billion in goods that come to the United States from China—some 22 percent of total imports—are now impacted by the tariffs, which cover more than 5,000 product codes ranging from agriculture and electronics to apparel and furniture. In turn, China is now collecting between 5 and 10 percent taxes on 5,207 items exported by the United States to China that are worth about $60 billion.
While the initial round of China’s tariffs targeted nonconsumer goods, the wide-ranging scope of this most-recent round means consumers may soon begin to feel the effect of these tariffs, with the agriculture, consumer products and manufacturing industries most at risk.
MIDDLE MARKET INSIGHT: Middle market businesses will likely bear the brunt of tariffs due to their limited ability to either win exclusions or repatriate supply chains.
The maps, a rough approximation of the tariffs, show estimates of the percent of net exports and dollar values affected on a state-by-state basis.