Trump's latest tariffs will translate to an extra $831 in annual costs for the typical American household, according to new research:
Rising tariffs on $200 billion in Chinese imports will translate to an extra $831 in annual costs for the typical American household, according to new projections from Federal Reserve Bank of New York researchers.
That could be approximately 19 gas tank fill-ups of a mid-size car’s 15-gallon gas tank if regular grade gas prices held at AAA’s $2.84 average.The latest figure doesn’t take into account any further adverse economic impact from China’s retaliatory tariffs. Starting June 1, the Chinese government will raise tariffs as high as 25% for roughly $60 billion in 5,000 American products. The products range from frozen fruits to vodka.
Earlier this week, footwear makers like Nike NKE, -0.70% and Under Armour UA, -2.50% wrote to President Trump, asking for the removal of footwear from a proposed list of tariffs.
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