President Trump has repeatedly proclaimed that when it comes to tariffs on Chinese goods, China pays the price. But it’s U.S. consumers who actually pay, if export and import firms and manufacturers choose to pass along the cost.
The tariffs so far appear to have had a modest impact on overall inflation. The U.S. consumer price index for the 12 months that ended in April, excluding the volatile food and energy sectors, rose 2.1%, according to the Bureau of Labor Statistics. That was little changed from the prior four months, when the CPI showed trailing 12-month increases of 2.0% to 2.2%.
If the additional tariffs announced by the Trump administration last week are implemented and stay in place for a year, that annualized consumer cost is likely to double, Weinstein said. It’s not clear how much of those added costs builders actually passed along to new-home buyers in various markets. Those prices are heavily influenced by the supply and demand for housing in a given location, along with mortgage interest rates.
But since the start of this year, retail prices for luggage have climbed 5% to 10%, he said. And they are likely to jump an additional 10% to 15% if the new 25% tariff on Chinese imports remains in place, he said.The same is true with backpacks, which already have risen about 5% at the retail level this year and could climb an additional 10% to 15%, Herman said.
That change came despite the fact that the appliances price index had been steadily declining since 2013, according to the paper. After the tariff announcement, the index started to rapidly climb. Chinese products, parts or materials account for about 33% of the computers and electronics sector, and about 28% to 30% of electrical equipment, said John Mothersole, director within the pricing and purchasing service at market research firm IHS Markit.
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