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    Home»More News»Economy & Money»The average American will be down $1,000 per year thanks to tariffs on Chinese goods

    The average American will be down $1,000 per year thanks to tariffs on Chinese goods

    August 21, 20192 Mins Read
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    The average American household will be down $1,000 per year thanks to the newest round of tariffs on Chinese goods, according to J.P. Morgan.

    The firm estimates the average annual tariff cost per household will increase from $600 from the first two rounds of tariffs. The new tariffs are scheduled to begin Sept. 1 and in mid-December.

    “What distinguishes China Phase III tariffs from preceding tariffs is the impact to Consumption and Capital goods whereas previous tariffs focused more on Intermediate goods,” J.P. Morgan head of U.S. equity strategy Dubravko Lakos-Bujas said in a note to clients. “This suggests that the expected consumer impact should be larger in the latest round.”

    President Donald Trump surprised investors earlier this month by ending a tariff ceasefire with China and announcing new tariffs of 10% on the remaining $300 billion in Chinese imports, starting next month. He later delayed some of the tariffs until Dec. 15. This third tranche of duties affect consumer goods more than the previous levies did.

    Lakos-Bujas said unlike the agriculture sector, which is receiving subsidies from the government to offset some of the tariffs, “there is no simple way to compensate consumer.”

    Retailers’ stocks have suffered this month as the list of new tariff goods impact apparel, footwear, consumer electronics and toys. In announcing his delay or cancellation of some of the tariffs, Trump said he wanted to avoid hurting the Christmas shopping season.

    Read More Here

    Americans China Economy Expensive Goods Tariffs
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