Trump is lining up new tariffs. Here's what they mean for you

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Trump is lining up new tariffs. Here's what they mean for you
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Unless President Trump backs down, Americans will soon be paying new tariffs on Chinese-made iPhones and toys, as well as French champagne and cheeses.

Tariffs, which are paid by US importers, could lead to higher prices for consumers. One recent report said that Trump's tariffs on Chinese goods could cost the average American household $600 annually or -- if the next round goes into effect -- up to $1,000 a year.So far, most of Trump's tariffs have hit industrial goods -- but new tariffs set to go into place on December 15 would affect a variety of consumer products. Here's what to expect.

Those tariffs hit a variety of food and drinks, including meats and cheeses from Italy, French and Spanish wine, and Irish and Scotch whiskeys. More tariffs could be coming over the same subsidy issue. The World Trade Organization ruled this week that the EU still hadn't fixed the problem, so the Trump administration is weighing whether to increase the existing tariff rate and finding new products to tax.

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