A joint U.S. study released in 2023 assessed the impact of the Section 301 tariffs imposed on U.S. imports of apparel, footwear, travel goods and furniture from China since 2018. For footwear alone, the tariffs imposed an annual direct cost on importers of at least 250 million U.S. dollars, which escalated each year to exceed 450 million dollars in 2022.

　　The study found that the higher costs and higher prices brought by such tariffs eventually fell on American companies and families.

　　Meanwhile, the Section 301 tariffs increased the price of semiconductors in the United States by 4.1 percent from 2018 to 2021, according to the U.S. International Trade Commission.

　　Defaults on U.S. credit card loans have hit the highest level since the wake of the 2008 financial crisis, indicating the financial distress facing lower-income consumers after years of elevated inflation, according to a Financial Times report. The situation could worsen if more tariffs are introduced, which will further fuel inflation.

　　Moves to isolate Chinese firms also come with potential costs, according to U.S. think tank the Peterson Institute for International Economics (PIIE), citing hobbling innovation for the United States and allied business and encouraging circumvention of sanctions.

　　“American firms earn revenue through sales to Chinese customers. Export controls reduce these earnings if U.S. firms are not able to find alternative buyers. Such costs should not be viewed as only a private loss for companies, however: Sales revenue is the most important source of funding for research and development by U.S. technology companies,“ the PIIE noted.