President Donald Trump’s latest threat in the US-China trade war could harm US consumers.
The proposed list of goods that could be subject to a 10% tariff includes many consumer products.
This would cause an immediate price increase on those goods for US consumers.
President Donald Trump’s escalating trade war with China could very quickly get very real for millions of Americans.
Trump’s tariffs on Chinese goods have so far mostly spared US consumers, focusing instead on industrial materials such as bulldozers or large factory equipment. While those costs would likely indirectly hit average Americans, Trump’s latest proposal — which would place tariffs on $200 billion worth of Chinese exports to the US — will hit much closer to home.
The list, released Tuesday, could add an extra 10% duty on many consumer goods including TVs, leather handbags, buttons, and basic groceries.
The US Trade Representative’s office, which put out the list and would be responsible for implementing and executing the tariffs, said it “took account of likely impacts on US consumers, and involved the removal of subheadings identified by analysts as likely to cause disruptions to the US economy.”
But Lewis Alexander, chief US economist at Nomura, said the sheer …read more
Source:: Businessinsider – Politics