Trump's newest China tariffs just kicked in -- could cost American shoppers an extra $1000 a year
The Trump administration slapped tariffs of 15% on $112 billion worth of Chinese goods including footwear, apparel, televisions, and video game consoles on Sunday.
Shoppers are about to feel the pain. Americans could face $1,000 in extra costs a year thanks to the latest US tariffs on Chinese goods, JPMorgan says. The bank pegged the cost of the trade war to consumers at $600 a year without the new duties.
After the president's aides warned him further tariffs could "ruin Christmas," CNN reported, he pushed back duties on another $160 billion worth of Chinese imports such as cell phones and laptops until mid-December.
Together, the tariffs will "significantly" hurt the "wallet of the US/consumer voter ahead of the 2020 election," JPMorgan equity strategist Dubravko Lakos-Bujas and his team wrote in a report dated August 16. That claim is supported by a high-profile study earlier this year, which found the full effect of Trump's tariffs fell on consumers last year.
https://www.msn.com/en-us/money/markets/trumps-newest-china-tariffs-just-kicked-in--and-jpmorgan-says-they-could-cost-american-shoppers-an-extra-dollar1000-a-year/ar-AAGH52e?li=BBnbfcN&pfr=1
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