What did Donald Trump claim about the economy on 12 Nov 2019?
Donald Trump, President of the United States ·
We are taking in billions and billions of dollars in tariffs that China is paying for. We're not paying. China is paying because they're devaluing their currency to such an extent and they're pouring tremendous amounts of cash into their system.
China wasn't the one paying. A study of price data found the tariffs fell largely on U.S. firms, and by law the importer, not the exporting country, deposits the duties with Customs.
A peer-reviewed study of U.S. border and store price data found that Chinese exporters did not lower their dollar prices by much despite the dollar's appreciation, and that the tariffs' incidence had fallen in large part on U.S. firms (Cavallo, Gopinath, Neiman and Tang, American Economic Review: Insights, 2021). By law the importer of record, not the exporting country, deposits the duties with Customs (19 U.S.C. 1505).
Claim vs. the record · Economy
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The claim
- Date
- Where
- Speech to the Economic Club of New York at the New York Hilton Midtown, New York City.
The record
Primary source (peer-reviewed study)