Despite repeated assurances from Trump administration officials that U.S. consumers are not bearing the brunt of its tariffs on China, a new JPMorgan analysis predicts that the average American family will shoulder $1,000 per year.
According to CNBC, the firm estimates that the administration’s newest round of tariffs ― 10% on $300 billion of Chinese goods ― will result in a $400 increase in costs per household. Roughly half of the new tariffs are due to take effect on Sept. 1 and the other half are set for Dec. 15. The Chinese tariffs already in place are expected to cost the average household $600 per year.
In total, the impact of tariffs are predicted to effectively wipe out tax breaks from President Donald Trump’s 2017 tax overhaul, which JPMorgan estimates to be $1,300 per year.
Thanks Trump voters.
The admin is already considering lifting 'some' since they can't afford to go into election season with a recession around their necks. They will be frantic trying to figure out what regular people buy.
Most never pay attention to what created the hidden cost. They just notice the price increase. Noticed how much a package of non generic bread is now? Almost $5.
I bought a cooler recently and at the check out they actually listed the cost of the tariff as its own line with above the sales tax. I feel like if every item impacted by the tariffs had that highlighted, people would be more outraged. If the tariff was just included in the price, I would have had no idea I was paying an extra $12 thanks to Trump.
Imagine how much money you'll save because you can't afford all the things that have increased in price due to the tariffs!
Hurting Trump's people the most
A man with bankruptcy powers so strong he managed to tank 6 casinos AND is well on his way to crushing the United States of America.. BRAVO
Wandering through the aisles of the grocery store (Publix) checking items that I've been buying for years, prices are skyrocketing. Especially on paper towels for some reason, but on everything.
eh...what do they know....Trump tweeted and told me "we are winning!"
Does Trump hate Christmas?
No, this is not true, the messiah and savior Lord Trump, the smartest person in the world because he has the highest IQ, believe him, said that China is the one that would pay the tariffs... this is fake news created by the far left, the Clintons and Obama. he said that a trade war was something good and that we would win it easily... and we are
Everyone here needs to watch Fox News, those the only one that can be trusted
Reminder: tariffs are bad and dumb in general. Trade wars are for losers. This is a problem with tariffs, not with Trump in particular.
This is a problem with tariffs, not with the man imposing them
Why would anyone who is qualified do things in a very consistent manner that are bad, dumb and that are for losers?
It's not like he's done this once he's doubled down on it multiple times.