Guide: How to Generate Your Customized Tariff Impact Report
Note: to gain access to this report, all you need to do is take our five-minute survey about your company’s experience with the trade war by clicking here.
Our data will allow you to see which inputs to your industry are most and least affected by tariffs at one glance. Here we can see the full range of inputs to the construction industry. The size of the boxes represents the importance of each input to the industry as a whole. The shading reflects the degree to which tariffs affect the price of this input. Our online application can also generate a customized tariff impact report for your company if you take the following steps.
Step 1 From the bottom left hand panel, select which top-level industry and sub-industry your company belongs to. In this example, we have selected “construction” as our top-level industry and “commercial and institutional building construction” as our sub-industry.
Step 2 A drop-down menu will appear in the right hand panel which lists the inputs to the industry you selected. From this menu, select which of these industries your company purchases products from. In this example, we have selected “cement and concrete” and “plastics”.
Step 3 Enter the amount your company spent on each of these selected products in 2018 to get a customized tariff impact estimate for your business. In our example, the company spent 10,000 dollars on concrete and cement and 50,000 dollars on plastics. In this example, we have selected cement and concrete products and plastics.
Step 4 Our web application will use these values to calculate the cost of tariffs for your company. More information about the math behind this estimate can be found below. In this example, based on the fact that 85 percent of imported cement and concrete products now face a 18 percent tariff, the estimated cost for 10,000 of these products is roughly 1491 dollars. We do the same caluclations for plastics and generate an estimate that the new tariffs added about 7360 dollars in additional costs for the construction company.
Calculating Tariff Impact by Industry
We use various data from the Bureau of Economic Analysis (input-output data), the Peterson Institute of International Economics (product-level ariff data), and the to calculate the economic costs paid by each industry.