The newest round of tariffs on Chinese goods will cost the average American household $1,000 a year, J.P. Morgan estimates.
It just became 15% more expensive for U.S. companies to import everything from milk to diapers and sports equipment from China.
Tariffs on $112 billion of Chinese goods went into effect Sunday.
While some duties have been delayed and some items have been removed from the original list of $300 billion Chinese imports, many everyday grocery items and household staples will still be targeted beginning Sunday, according to an official list that spans 122 pages.
Chinese retaliatory tariffs ranging from 5% to 10% on a portion of $75 billion U.S. goods also are scheduled to go into effect Sunday.
The newest round of tariffs on Chinese goods are consumer-focused and will cost the average American household $1,000 a year, J.P. Morgan estimated.
More than 160 industry groups have condemned new tariffs on China and the escalation of the trade war.
Furthermore, over 30% of US companies are blaming tariffs for disappointing second quarter profits, according a Wells Fargo analysis.
No comments:
Post a Comment