This is what Trump's latest tariff increase will cost the typical American household
Rising tariffs on $200 billion in Chinese imports will translate to an extra $831 in annual costs for the typical American household, according to new projections from Federal Reserve Bank of New York researchers.
Thursday’s projections on the impact of the newly-implemented 25% tariffs are about double the earlier estimates of $419 per household, the Fed said. The latest round of tariff hikes, in addition to those introduced last year, could cost over $106 billion for American households, the researchers said.
That could be approximately 19 gas tank fill-ups of a mid-size car’s 15-gallon gas tank if regular grade gas prices held at AAA’s $2.84 average.
That $831 could pay for five weekly trips to the grocery store for a family.
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Elsewhere, tax analysts say the tariff fight could wipe out any economic gains from the 2017 overhaul of the federal tax code. Though the Tax Cuts and Jobs Act created an estimated 340,000 full-time equivalent jobs, one tax analyst said all of America’s tariffs and China’s retaliatory tariffs could cut away 580,000 full-time equivalent jobs.
More at https://www.marketwatch.com/story/this-is-what-trumps-latest-tariff-increase-will-cost-the-typical-american-household-2019-05-23?mod=mw_theo_homepage