We imported deflation. U.S. consumer prices in 2019 showed that prices of imported goods actually declined despite Trumps increased China and EU tariffs. A 2024 report from CPA takes a look at the impact to Chinese exports to the U.S.
https://prosperousamerica.org/section-301-tariffs-reduced-u-s-dependence-on-china-decoupling-has-begun/
President Trump said China was a threat, and his tariffs changed the landscape.
"Since the Section 301 tariffs were imposed, the share of imports from China has steadily declined from 21.6% in 2017 the year prior to the tariffs to 16.5%, a decline of 5.1%. No other country has lost as much share of total U.S. import penetration over the past five years."
Inflation by Administration
Item .................. Trump.......Biden
Energy ...................-0.7%..........34.3%
Gas.........................-6.8%..........38.2%
Electricity................4.5%..........31.3%
Transportation......2.1%...........31.1%
Hotels...................-15.1%..........42.4%
Groceries.................5.9%..........22.1%
Food at K-12 ..........-9.3%..........69.7%
Apparel...................-7.0%..........15.1%
Nonpresc drugs.....-0.8%..........16.6%
Another success for President Trump: food prices had very low year-over-year inflation 0.5 percent. Thanks to low energy costs, and the fracturing of Big Ag's hold on the farm production and the export.
Gary Cohn crickets.
https://prosperousamerica.org/section-301-tariffs-reduced-u-s-dependence-on-china-decoupling-has-begun/
President Trump said China was a threat, and his tariffs changed the landscape.
"Since the Section 301 tariffs were imposed, the share of imports from China has steadily declined from 21.6% in 2017 the year prior to the tariffs to 16.5%, a decline of 5.1%. No other country has lost as much share of total U.S. import penetration over the past five years."
Inflation by Administration
Item .................. Trump.......Biden
Energy ...................-0.7%..........34.3%
Gas.........................-6.8%..........38.2%
Electricity................4.5%..........31.3%
Transportation......2.1%...........31.1%
Hotels...................-15.1%..........42.4%
Groceries.................5.9%..........22.1%
Food at K-12 ..........-9.3%..........69.7%
Apparel...................-7.0%..........15.1%
Nonpresc drugs.....-0.8%..........16.6%
Another success for President Trump: food prices had very low year-over-year inflation 0.5 percent. Thanks to low energy costs, and the fracturing of Big Ag's hold on the farm production and the export.
Gary Cohn crickets.
