This is what Trump’s latest tariff increase will cost the typical American household [MarketWatch]
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Source: MarketWatch
This is what Trump’s latest tariff increase will cost the typical American household 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. Thursday’s projections on the impact of the newly-implemented 25% tariffs are about double the earlier estimates of $419 per household, the Fed said. The latest round of tariff hikes, in addition to those introduced last year, could cost over $106 billion for American households, the researchers said. 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. That $831 could pay for five weekly trips to the grocery store for a family. 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
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