How Trump’s Trade War Will Cost You
President Trump's trade war with China will reportedly cost the average American household $1,000 in 2019. From sneakers to smartphones, here are eight items that will soon cost you more. 💸
Products that could be affected
8 items that will cost more because of President Trump’s trade war with China…If a trade deal isn't reached, JP Morgan estimates the 10% tariffs will cost the average American household $1,000 this year. Soon, it may be hard to find a Chinese-made product on a store shelf that doesn't have a higher price tag because of new U.S. tariffs. Here are 8 products that will cost more:
Clothing - 42% of all clothing sold in the U.S. is imported from China. Footwear (sneakers, sandals, ski boots) - 70% of the footwear sold in the U.S. is imported from China. Smartwatches - Some consumer electronics — like smart watches, fitness trackers, and Bluetooth headphones like Air Pods — will see tariffs. Sporting goods like tennis balls, footballs, soccer balls, baseballs, and softballs. Smartphones such as iPhones, and most importantly china iPhone manufacturing. Most iPhone manufacturing and assembly takes place in China. Laptops like the MacBook, and PC laptops. Video game consoles such as Xbox, PlayStation and Nintendo and a mass number of children’s toys. (based on data from the American Apparel & Footwear Association)
If a trade deal isn't reached, JP Morgan estimates Trump’s tariffs will cost the average American household $1,000 in 2019 and President Trump has threatened to raise that to 15%. President Donald Trump announced double-barreled new tariffs on Chinese imports Friday after Beijing said it would retaliate against Trump's latest duties with its own tariffs on $75 billion in U.S. products. On Sept. 1, 2019, a tariff on some of the $300 billion in Chinese imports that was slated to be 10% instead will be 15%, Trump said. It's not clear how much of the new tariffs will be passed to American shoppers and how much can be absorbed by U.S. retailers, but at least a portion is likely to result in higher retail prices.
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