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Expand chart
Reproduced from Federal Reserve Bank of New York; Chart: Axios Visuals

U.S. consumers will actually pay less in tariff penalties or taxes with the imposition of 25% tariffs on Chinese goods, but they'll pay a lot more overall, according to new research from the New York Fed.

By the numbers: The higher tariff rate of 25% will cost American consumers more than $100 billion a year. Most of that loss will come from the deadweight loss of consumers buying more expensive, or less efficient, products because of the tariffs.

The N.Y. Fed's Mary Amiti, Stephen J. Redding, and David E. Weinstein explain:

"[T]he 10 percent tariffs on Chinese imports might cause some firms to switch their sourcing of products from a Chinese firm offering goods for $100 a unit to a less efficient Vietnamese firm offering the product for $109. In this case, the cost to the importer has risen by nine dollars, but there is no offsetting tariff revenue being paid to the government. This tariff-induced shift in supply chains is therefore called a deadweight or efficiency loss."

What's next? A new report from Citi estimates additional tariffs on the list of $300 billion worth of Chinese goods will be much worse for consumers.

  • Goods included will represent 67% of total imports of consumer goods from China, 66% of vehicles, 19% of industrial supplies and 38% of capital goods.

Go deeper: The world can't afford a trade war right now

Go deeper

Updated 32 mins ago - World

2 Americans accused of helping Ghosn escape in Japanese custody

Former Nissan chair Carlos Ghosn during a news conference in Jounieh, Lebanon, last September. Photo: Hasan Shaaban/Bloomberg via Getty Images

Two Americans accused of helping former Nissan chair Carlos Ghosn flee Japan in a box in 2019 were taken into Japanese custody after arriving at an airport near Tokyo Tuesday, per the Wall Street Journal.

Why it matters: The extradition of Michael Taylor, 60, a private security specialist and former Green Beret, and his son Peter Maxwell Taylor, 27, ends a months-long fight to remain in the U.S.

Rep. Rice demands Cuomo resign after 3rd woman accuses him of misconduct

New York Gov. Andrew Cuomo during a February news conference in New York City. Photo: Seth Wenig/POOL/AFP via Getty Images

Rep. Kathleen Rice (D-N.Y.) on Monday evening called for New York Gov. Andrew Cuomo (D) to resign, after a third woman accused him of inappropriate behavior.

Driving the news: Anna Ruch, a former member of the Obama administration and the 2020 Biden campaign, told the New York Times Monday that Cuomo asked to kiss her at a New York City wedding reception in September 2019.

Scoop: Inside the GOP's plan to retake the House

House Minority Leader Kevin McCarthy. Photo: Elijah Nouvelage/Bloomberg via Getty Images

House Republicans will reclaim their majority in 2022 by offering candidates who are women, minorities or veterans, a memo obtained by Axios says.

Why it matters: The document, drafted by a super PAC blessed by House Minority Leader Kevin McCarthy, names top Democrats to target — Jared Golden of Maine, Matt Cartwright of Pennsylvania and Ron Kind of Wisconsin — and the type of Republican candidates to beat them.