The president’s tariff war with China is a tax hike on families of $1,000 a year, according to the financial firm’s analysis
— largely falls on direct-to-consumer goods, instead of agricultural products or other raw materials. This means the impact for consumers will feel a sting that’s hard to ameliorate.
Despite lying that these taxes are paid by the Chinese, Trump has postponed some tariffs on consumer goods to avoid taxing Christmas. According to federal trade representatives, the taxes on “cell phones, laptop computers, video game consoles, certain toys, computer monitors, and certain items of footwear and clothing” will be postponed until December 15th.
The bite for consumers from Trump’s trade taxes is being felt just as the global economy has hit choppy waters — a slowdown precipitated in significant part by the trade war itself. Rather than re-assessing the cost-benefit of so muchThese measures including the prospect of a new— temporarily reducing contributions to Social Security and Medicare to put more cash in consumer pockets.
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