Business

China tariffs estimated to cost average American family $1,000 per year

[PIXABAY/PEXELS]
By Gary Dinges gdinges@gatehousemedia.com
Posted: Aug. 21, 2019 3:21 pm Updated: Aug. 21, 2019 3:31 pm

Existing and proposed tariffs on goods imported from China will cost the average American family $1,000 per year, according to an analysis by JPMorgan.

President Donald Trump announced the tariffs earlier this year as part of an escalating trade war.

Already, HuffPost reports, tariffs that have been put in place are costing families $600 per year. If a new round of tariffs goes forward, that number will rise by an estimated $400.

In most cases, manufacturers and retailers simply hike their prices to make up for increased tariffs, leading to higher costs for consumers.

The extra $1,000 in tariffs would essentially wipe out the signature tax cuts that the Trump administration has rolled out, according to HuffPost.

Higher tariffs have been slapped on a variety of commonly purchased goods, including clothing, furniture and housewares, imported from China.

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