A 2017 report prepared for the US-China Business Council for Oxford Economics estimated that “average prices are 1–1.5 percent lower as a result of imports from China. Oxford Economics estimates the influence of such low prices boosted US GDP by up to 0.8 percent in 2015.” Oxford Economics cites other studies that have concluded “that greater import penetration from China reduced US inflation by about 0.1 percent annually in the late 1990s and early 2000s” and that an Apple iPhone might cost 5 percent more if assembled in the US.5
