Industries hit by foreign retaliatory tariffs included those who produced magnetic and optical media, leather goods, aluminum sheet, iron and steel, cars and household appliances.
Meanwhile, American consumers had to pay more for a number of products which included boilers, architectural metals, transportation equipment and general purpose machinery.
“While the longer-term effects of the tariffs may differ from those that we estimate here, the results indicate that the tariffs, thus far, have not led to increased activity in the U.S. manufacturing sector,” the study concluded.
Market Watch noted that the study did not take into account business confidence from the uncertainty caused by the tariffs which it said is the main reason why there has been a decrease in business investment in the U.S.
Lydia DePillis from ProPublica tweeted to her 21,000 followers that the study proves that that the “trade war is hurting the sector it was ostensibly supposed to help.”
Meanwhile, figures released in September showed that since the start of the trade war with China in February 2018, American consumers and businesses had paid an extra $38 billion, according to the lobby group Tariffs Hurt the Heartland.
Newsweek has contacted the White House for comment.
In related news, officials in Beijing and Washington have hailed a preliminary trade deal which would give China relief from some tariffs in return for it increasing its purchases of American farm exports.