section_path: Effects
section_name: Effects
paragraph_text: Effects
  
  A November 2019 United Nations analysis reported that "the U.S. tariffs on China are economically hurting both countries". In the United States, it has led to higher costs for manufacturers, higher prices for consumers and financial difficulties for farmers. In China, the trade war contributed to a slowdown in the rate of economic and industrial output growth, which had already been declining. Many American companies have shifted supply chains to elsewhere in Asia, bringing fears that the trade war would lead to a US-China economic 'decoupling'. The trade war has also caused economic damage in other countries, though some benefited from increased manufacturing as production was shifted to them. It also led to stock market instability. Governments around the world have taken steps to address some of the damage caused by the economic conflict.
  
  By late 2019, the United States had imposed approximately US$350 billion in tariffs on Chinese imports, while China had imposed approximately US$100 billion on US exports.