mo4ch:>Trump’s trade war cut $7.8bn from US economy in 2018, study says | Mo4ch News

America’s trade war resulted in $7.8 billion in losses for the nation’s economy, while the subsequent higher costs of imports took more than $68 billion from consumers and producers, economists at leading US universities found.Imports from targeted countries declined 31.5 percent, while targeted US exports fell by 11 percent, the evaluation of the short-term impact of trade conflicts with partners across the globe has shown.The findings were presented in a study titled ‘The Return to Protectionism’, written by researchers from Yale, Columbia, UCLA, and the University of California, Berkeley. The paper was published by the National Bureau of Economic Research earlier in March. Also on rt.comChina won’t use yuan exchange rate as a trade-war tool – central bank chiefWhile $7.8 billion is a relatively small figure for the country’s whole economy, amounting to 0.04 percent of GDP, the authors note that American “consumers bear the incidence of the tariff.” Annual consumer and producer loss…