Buyers look at exhibits of a U.S. producer at the Chinese Textile and Apparel Trade Show in New York, the United States, July 23, 2018. (Xinhua/Wang Ying)
WASHINGTON, Sept. 12 (Xinhua) -- The Trump administration's recently imposed and proposed tariffs against imports have led to a rise of input costs across the United States, according to a Federal Reserve survey released on Wednesday.
"Tariffs were reported to be contributing to rising input costs, mainly for manufacturers," said the Fed in its latest survey on economic conditions, known as the Beige Book, based on information collected through Aug. 31.
"Businesses' input costs have generally been rising more rapidly than selling prices, though there have been increased efforts to pass along cost hikes to customers," the survey showed.
In the New York Fed district, businesses continued to report widespread hikes in input prices, particularly in the sectors of manufacturing, wholesale trade, and education & health, according to the survey.
In the Philadelphia Fed district, nearly two-thirds of local firms noted that price hikes or supply disruptions "had already occurred or were anticipated because of tariffs and the threat of tariffs."
Businesses in the Cleveland Fed district also voiced concern that "the impact of tariffs would soon filter through the supply chain" in the form of higher prices of new transportation equipment, including trucks and trailers, the survey said.
The rising input costs came after the Trump administration has imposed high tariffs on a variety of imported products worth of tens of billions of U.S. dollars, provoking strong opposition from the domestic business community and retaliatory measures from U.S. trading partners.
Americans for Free Trade, a new coalition of more than 80 U.S. trade associations, and Farmers for Free Trade, the coalition backed by the nation's largest agriculture industry groups, on Wednesday announced participation in a national campaign to oppose the Trump administration's tariffs against imports.
The multi-million U.S. dollar campaign, called "Tariffs Hurt the Heartland," will focus on telling the stories of American businesses, farmers, workers and families harmed by tariffs through town-hall style events, grassroots outreach to Congress and the administration, social media, rapid response and digital advertising, according to a statement from the trade coalitions.