Trump’s tariffs on Chinese products were fully passed on to U.S. consumers and corporations in all industries except steel, according to a recent paper by the National Bureau of Economic Research. To be sure, U.S. tariffs remain on about $370 billion of Chinese goods. That could further weigh on costs for American manufacturers that use Chinese components to assemble products, economists caution. The tariffs in 2018 led to job losses in the manufacturing sector, according to a Federal Reserve report. And there are signs of lingering effects. U.S. factory activity contracted last month to its lowest reading since June 2009, data from the Institute for Supply Management showed. Trump trade deal with China: USA won’t feel reprieve in Phase one US-China trade deal: Winners and losers Losers: American companies and consumers The new deal halves tariff rates on $120bn worth of goods, but most of the higher duties - which affect another $360bn of Chinese goods and more than $100bn worth of US exports - remain in place. And that's bad news for the American public. Economists have found that the costs - more than $40bn so far - are being borne entirely by US companies and consumers . And that figure does not even try to measure lost business due to retaliation. Overall, the Congressional Budget Office estimates that tariff-related uncertainty and costs have shaved 0.3% off of US economic growth, while reducing household income by an average of $580 since 2018. The CBO's estimates take into account all new tariffs imposed since January 2018 - not just those involving China - but analysts say a more limited look would yield similar findings. Losers: Farmers and manufacturers The new deal commits China to boost purchases in manufacturing, services, agriculture and energy from 2017 levels by $200bn over two years. Mr Trump has said that could include as $50bn worth of agricultural goods a year. But the official figures are lower, analysts are sceptical those are attainable and China has said the purchases will depend on market demand. So far, the primary effect on business has been pain. Farmers, who have been targeted by China's tariffs, have seen bankruptcies soar, prompting a $28bn federal bailout. Among manufacturers, the Federal Reserve has found employment losses, stemming from the higher import costs and China's retaliation. Over the long-term, American firms may reroute supply chains away from China to avoid the tariffs - but that's an expensive prospect. This is just like Trump's NK "deal"