Here's how much new Trump tariffs could cost American households via YahooFinance
President Donald Trump’s new round of tariffs on China levied in May is likely to cost the average American household hundreds of dollars.
Added tax burdenThe “added tax burden” refers to how much additional money U.S. purchasers of imports have to shell out to cover the cost of tariffs. For example, if a company has been relying on Chinese imports that have cost them $100, a 10% tariff pushes that price up to $110. Overall, “our results imply that the tariff revenue the U.S. is now collecting is insufficient to compensate the losses being born by the consumers of imports,” they concluded in their study of the 2018 tariffs.A study from the Trade Partnership Worldwide looked at four different scenarios related to the tariffs.
Scenario No. 3 looked at the impact of the base scenario but instead of looking at auto imports, it factored in U.S. tariffs on 25% of remaining imports from China and Chinese retaliation. This would lead to an annual impact of $2,294 on a family of four. ‘There is going to be a lot of pain’Although these studies put an actual number on the impact of the tariffs, it’s not the first time that the consumer effect has been brought into the spotlight.
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