All the Products That Will Cost You More Because of Trump's Trade War
President Trump has promised to get tough on America’s trading partners. But with the administration now slapping hefty duties on imported goods such as steel and washing machines, and threatening them on many others, it’s American consumers who could be hurt.
While Trump has long complained that trade agreements with nations like China and Mexico need to be renegotiated, his biggest move so far has been placing tariffs — import taxes, payable to the U.S. government — on goods these countries import into the U.S.
The taxes are meant to help U.S. manufacturers by making foreign goods comparatively more expensive and, therefore, less attractive to consumers. Most economists disagree with Trump’s approach, however, arguing that the tariffs could easily destroy more U.S. jobs — mainly at companies forced to pay higher raw materials costs — than they create. “Companies that can will pass the increased costs onto consumers,” says Erica York, an analyst at the Tax Foundation, a Washington think tank. “If they can’t pass them on, that will come out of profits, which means less money to hire or give raises.”
http://time.com/money/5316029/trump-tariffs-prodcut-prices/
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