Tariffs implemented by the administration of US president Donald Trump are likely to reduce exports, says an article published by the Federal Reserve Bank of New York. 

The competitiveness of American exporters will be hit through higher production costs, argues the paper. “While more costly imports are likely to reduce the quantity and value of imports into the United States, the story does not stop there, because we cannot presume that the value of exports will remain unchanged,” it says.

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