Trump’s tariffs led to billions of losses, Fed research shows

U.S. President Donald Trump speaks at a campaign rally in Cincinnati, Ohio. U.S., August 1, 2019. REUTERS/Bryan Woolston

NEW YORK: Starting in early 2020, a very unlikely anomaly started appearing in global trade data: China said it was selling more goods to the U.S. than the U.S. reported buying from China.

That was a reversal of the normal pattern and a product of the two nations’ trade war -- but not an intended consequence. Instead, it was likely due to misreporting by both exporters in China and importers in the U.S., according to new research from Federal Reserve economists.