Tariffs are hitting medical supplies and costs 'will be passed on to the consumer’ via YahooFinance
Americans are already feeling the effects of these tit-for-tat taxes, particularly farmers who rely on agricultural exports to China. But it’s not just agricultural products that have been getting hit — medical supplies are also feeling pressure.
‘Think of products like gauze’Consumers are already paying for this trade war — projections have the cost at between $767 to $2,294 depending on the size of the household. A recent note from J.P. Morgan puts that number at $1,000 per household. And it’s not just consumer items being affected. Trump’s new tariffs roll out in two tranches. First, on September 1, the $300 billion worth of Chinese imports tariffed at a 10% rate are now being taxed at 15%. Second, starting October 1, the existing 25% tariff on $250 billion worth of Chinese goods will become a 30% tariff.
Story continues‘Medical products should not be tariffed at all’The current U.S. health care system already sees exorbitant costs. U.S. health care spending grew 3.9% in 2017, reaching $3.5 trillion or $10,739 per person, according to the Centers for Medicaid and Medicare Services . That accounts for about 17.9% of the nation’s GDP.
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