Posted on 05/15/2019 12:27:29 PM PDT by SeekAndFind
President Donald Trump’s trade war with China could cost the average American family of four up to $2,300 a year, according to a report on the effect of tariffs on the U.S. economy and workers.
The study, by the economic consulting firm Trade Partnership Worldwide, assesses how tariffs will affect American consumers and the economy. According to the report, an average American family of four would pay $2,300 more in goods and services each year if Trump imposes a 25% tariff on all goods from China, as he has repeatedly threatened. If tariff levels remain where they are today, the average American family is expected to pay about $770 in higher costs each year the tariffs remain in place, says Laura Baughman, a co-author of the study and president at Trade Partnerships Worldwide.
The findings come as Trump and China have both escalated the trade dispute in recent days. As U.S. and Chinese negotiations met in Washington last week, Trump announced that he was raising tariffs from 10% to 25% on $200 billion worth of Chinese goods. China responded with a plan to increase tariffs on $60 billion in U.S. exports.
Then, on Monday, the Trump Administration outlined plans to impose additional tariffs on another $300 billion worth of Chinese imports, providing a list of products that include apparel, children’s toys, crafting products, sports equipment and shoes. That amounts to tariffs on virtually all Chinese imports.
The U.S. imported almost $540 billion in goods from China in 2018, while exporting $120 billion. Meanwhile, the U.S. imported $18 billion in services from China in 2018, while exporting almost $59 billion, though services are not directly affected by tariffs.
(Excerpt) Read more at time.com ...
No it won’t.
HERE IS THE METHODOLOGY FOR CALCULATING THE COST TO EACH FAMILY:
* Estimate the total value of the increased price of goods and services after the tariffs are implemented
* Divide that total value by the average number of families of four.
Based on this estimation, They found that costs will skyrocket if Trump follows through on his threat to extend the tariffs to other goods, including apparel, footwear and consumer electronics. The costs were calculated for one to three years after the tariffs take effect.
Not if they don’t buy crap made in China!
Bullshit numbers anyway - it’s not going to last a year.
This is laughable. The Free Traitors™ are getting desperate.
It will NOT.
BUT, not confronting China NOW will cost us this country and our LIBERTY!
As opposed to the additional $38,000 in costs if a Democrat gets elected and re-imposes regulations with higher taxes.
No problem, make the rich pay :)
RE: No it won’t.
Please elaborate.
Are you saying that there will NOT BE job losses, slower economic growth and a drop in exports due to China’s retaliatory tariffs?
Funny how Time doesn’t care about how much:
Green Energy
Obamacare
Illegals
Minimum wage laws
Regulations
Public unions
Tax increases
Etc
Will cost the average American family
Dating uglier women has shifted any cost increases for me. Cheaper beer too.
What Free Traitors™ want you to believe is that the supply function is static and no new domestic or other foreign suppliers will EVER come on line. Despite their best efforts brand new factories are still being built even in the USA all the time. Again the situation is dynamic and not static. With more domestic and international supply will mean pressure to reduce prices.
When Trump first put these larger tariffs in place, it was all over the news that it could cost the average family over $800, a year.
NOW it’s over $2,000.
And if people still continue to support Trump, I’m sure the media will make it all of sudden expect to cost each family over $4000; give them a week or two! LOL!
This would be upsetting if I didn’t already know that the media is full of shnitt!
Applying static economic analysis to a most dynamic situation is foolish.
Just have everyone shop at Goodwill for the next year and every family will SAVE money. :)
Squeezing Jello. That which is lost lands somewhere else very quickly.
Worth it if it does.
But I suspect if this thing really does get nasty we will see manufacturing move to the US. It’s getting more and more robotic anyway. The ones that will REALLY be hurt are the shipping companies.
Well, since I am expecting my $2500, a year Obamacare savings to kick-in at ANY moment, I can EASILY afford these tariff costs!
The reality is that WalMart will simply stop buying T shirts from China and buy them from Sri Lanka instead. The importer pays the Tariff, not the retail customer.
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