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 ...
The “Affordable” care act costs me that much in a month! FUBO
The times they are a changing.
That’s absurd!
It’s a 25% tax on $200 billion. That’s $50 billion in taxes. $2,300 on 100,0000 families per year works out to $230 billion in taxes...
If China doesn’t lose a penny in commerce, that’s $50 billion. My guess is that about $10 - $30 billion in taxes actually ever get paid. Now how much will come from the consumer? Maybe $5-$15 billion? (After all, only a very small portion of Nike’s costs come from production costs.)
So let’s say America consumers pay a whopping $15 billion in extra taxes... that’s $45 per family.
I get what you are saying but static analysis is useless. It’s like taking a picture of sports car going 200 MPH with a high speed digital camera. If you look at the picture it isn’t moving. You’d say the car is sitting still.
Or, it could not.
One of the first things I replaced was my dog water/food bowls. The price (on Amazon) for one extra large bowl is basically $40.00, but you can get a 2-pack for basically $70.00 They are really good bowls and I am much happier with them than the lighter ones we had. I also noticed that this is an AMAZON CHOICE product now...so several others also like them better. I’ve had this for a couple of years now and they still look as good as new.
Look for Basis Pet Made in The USA Stainless Steel Dog Bowl on Amazon. Pots and pans and eating utensils are a bit more...so we are replacing these little by little. I am constantly comparing prices on companies that sell USA stainless steel kitchen products, etc. online. I also found a USA stainless steel cookie sheet on Amazon too...and love it.
It is definitely worth it.
It also pays to research online as steel from China is loaded with heavy metals. I have even preferred USA steel cookware over types of stainless that one can find elsewhere (even at Williams Sonoma).
Well, yes... the notion that stopping sending US $$$ overseas has any net cost in the long run is traitorously stupid!
You STILL have to inquire about the SOURCE of the steel. Many other countries purchase steel from China....for all sorts of products.
I didn’t even know Time Magazine was still in business. Either way one should never believe anything published in it’s pages.
Lol! Amen to that!
Let’s see:
$00.200trillion Tariffs (2019 est)
——————————————— = 0.00931%
$21.482trillion GDP (2019 est)
$ 2,300 Tariffs (2019 est)
-———————————————— = 0.04914%
$46,800 Personal Income (2019 est)
I think this article broke my bullshit meter.
I suppose it could. On the other hand it could not
Buy American, save money, help America create jobs.
Dats bull shot
I used my Abacus and came up with a completely different number and it’s not even close to theirs
They over simplified the calculations
Further, assuming they’re correct, how much worse will it be in 10 years if they are allowed to continue their present behavior?
My Ouija board says it’s worse than their present calculations
I actually believe you...
LOL
Look for China to place a lot of the scare articles in the media of their commie pals.
I was only talking about the trade deficit between the US and China not other nations. That is exclusively determined by the dollar amount of goods they purchase from the US and dollar amount we purchase from them. It is readily ascertainable. We have just under a 400 billion dollar imbalance. Where the component parts or material like steel originate from in the end product are irrelevant in a self adjusting staged tariff structure based exclusively on the trade imbalance between the two nations.Hope that clarifies
Understood. Thank you, sir.
By way of my own clarification, I was focusing on the health issues. My husband, a retired Naval aviator, had to have several heavy metals removed from his system last year. Due to that, his health has been much improved. I am now much more alert to maintaining the greatest distance possible between our family and heavy metals.
We also simply like to support AMERICAN steel! :-)
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