U.S. NEWS 08/19/2019 04:28 pm ET
American Families Will Pay $1,000 Per Year For Trump’s China Tariffs, JPMorgan Says
The estimated costs would wipe out nearly all of the tax breaks from Trump’s 2017 tax overhaul.
Despite repeated assurances from Trump administration officials that U.S. consumers are not bearing the brunt of its tariffs on China, a new JPMorgan analysis predicts that the average American family will shoulder $1,000 per year.
According to CNBC, the firm estimates that the administration’s newest round of tariffs ― 10% on $300 billion of Chinese goods ― will result in a $400 increase in costs per household.
Roughly half of the new tariffs are due to take effect on Sept. 1 and the other half are set for Dec. 15. The Chinese tariffs already in place are expected to cost the average household $600 per year.
MAGA!
3 comments:
Unlike the Republicans, I'm not rooting for Pres Trump to fail. I can't survive another season of a bad economy. So I hope the clown car admin figures something out.
The deficit is out of control, interest rates are already low, tariffs are in fact hurting us. What should we do? I'm certainly not going to urge people to just go shopping.
We've got a mess, fueled by multiple administrations and now helmed by a guy who understands nothing of government or the presidency and who outsources everything to his minions and then waits for the results from his personal focus groups to see what he should do.
How bad can it get?
But he still insists that China is paying the tariff. Who still believes him (rhetorical)?
Ducky... he still insists Mexico is paying for the wall too...
What can you do? 🤷🏻♂️
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