Trump's trade war comes for consumers: Tariffs could cost US families up to $1,000 a year, JPMorgan
More than a year into the U.S.-China trade war, American consumers are about to find themselves squarely in the crosshairs for the first time, with households estimated to face up to $1,000 in additional costs each year from tariffs, according to research from JPMorgan Chase.
Consumers, whose spending fuels about 70 percent of the U.S. economy, have been largely shielded from previous rounds of tariffs, which have left businesses reeling and upended global supply chains. But that’s about to change with the 10 percent levies on roughly $300 billion in Chinese imports, about a third of which will take effect Sept. 1. Those tariffs will primarily target consumer goods.
The effect of these tariffs is so significant that it caused President Trump to publicly acknowledge, for the first time, that American families will bear some of the burden of his trade policies. Amid growing concern that the tariffs could damage the economy, Trump abruptly announced he would delay tariffs on certain popular products such as laptops, footwear and video games — about two-thirds of the impacted items — until mid-December.
“What we’ve done is we’ve delayed it so they won’t be relevant in the Christmas shopping season,” Trump told reporters last week. “Just in case they might have an impact on people.”
https://www.msn.com/en-us/money/markets/trumps-trade-war-comes-for-consumers-tariffs-could-cost-us-families-up-to-dollar1000-a-year-jpmorgan-forecasts/ar-AAG4omR?li=BBnbfcL
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