Tariffs are expected to cost American households up to $1,000 per year when the next round goes into effect on September 1, according to a new note by J.P. Morgan.
According to the bank’s analysts, the cost of the U.S.-China trade war borne by consumers is likely to rise from around $600 per year — based on the first two “phases” of the tariffs on Chinese imports — to around $1,000, based on the third round of tariffs.
If the tariff increase to 25% — as President Trump has threatened — the cost to consumers would rise to $1,500 per year, J.P. Morgan stated. Tariff costs offset gains from the tax cutThe $1,000 cost is also expected to offset the majority of the benefit that American households received from the Tax Act, the analysts added, which was around $1,300.
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