Recent trade wars at the hands of US President Donald Trump against other countries have resulted in a GDP loss of $7.8 billion for the American economy, according to a recent study published by economists.
According to a paper published this week by the National Bureau of Economic Research authored by economists at the University of California Berkeley, Columbia University, Yale University and the University of California at Los Angeles, imports from trading countries including China have declined 31.5 percent while US exports have decreased 11 percent. In addition, “annual consumer and producer losses from higher costs of imports were $68.6 billion” last year, the report states.