Trump Administration -  Tariffs agains remaining Chinese goods (62 views) Notify me whenever anyone posts in this discussion.Subscribe
 
From: Marci (marcinmin) DelphiPlus Member Icon Posted by hostMay-14 9:55 AM 
To: All  (1 of 2) 
 116827.1 

Wash Post: By David J. Lynch Taylor Telford Damian Paletta Gerry Shih May 13 at 6:34 PM

The United States and China traded blows on Monday in the latest escalation of their tariff war, unnerving Wall Street and threatening to draw American consumers into the fray for the first time.

Both nations, which just days earlier had anticipated sealing a comprehensive commercial deal, instead took steps to raise new trade barriers. In Beijing, the Chinese government announced plans to impose tariffs on $60 billion worth of American products in retaliation for U.S. tariffs that President Trump increased on Friday.

Trump, meanwhile, began the process of expanding U.S. tariffs to cover all $540 billion in Chinese imports — a potentially seismic jolt to the global economy that is expected to raise prices for everyday products such as cell phones, sunglasses, cameras and televisions.

“There will be price hikes at Target, Costco, Home Depot and Walmart,” said Nelson Dong, a partner with Dorsey & Whitney in Seattle. “The importers are going to pass on some or all of the tariff to the consumer and that will become much more readily apparent and harder to mask.”

 
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From: BlueManDudeMay-14 11:00 AM 
To: Marci (marcinmin) DelphiPlus Member Icon  (2 of 2) 
 116827.2 in reply to 116827.1 

Trump's China Tariffs Hit America's Poor and Working Class the Hardest

The burden of import taxes is five times as heavy for the bottom tenth of households as for the top tenth, research shows.

Lower-income consumers tend to spend a lot of their money on low-priced apparel and other items imported from China. On the other hand, Russ says, higher-income people spend a lot on high-end consumer electronics that are also from China. The biggest reason tariffs pinch the poor the most, says Russ, is that the poor have less of a cushion: A higher share of their incomes goes for consumption of all kinds. The rich save a higher share of theirs.

Trump’s Council of Economic Advisers, chaired by Kevin Hassett, is more pro-tariff than Obama’s was, yet even Trump’s advisers have acknowledged the downsides. The Economic Report of the President for 2018 says tariffs raise prices for consumers.

Most economic studies have found that American consumers bear most of the brunt of the higher tariffs on imports from China because importers pass along all or almost all of the tariffs by raising prices. When tariffs go up, it gives breathing room to domestic producers to raise their prices to American consumers and make bigger profits.

https://www.bloomberg.com/news/articles/2019-05-14/trump-s-china-tariffs-hit-america-s-poor-and-working-class-the-hardest?srnd=politics-vp
 

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