President Trump and his advisers insist their trade war with China won't hurt American consumers. But analysts say otherwise.
The tariffs Trump has already imposed on China are estimated to cost the average American household $600 per year, according to a report by JPMorgan Chase. That will rise to $1,000 if Trump carries through on his plan to levy tariffs on another $300 billion of US imports from China, the bank added.The estimates show how Trump is playing with fire by expanding the trade war with China to include tariffs on a wide swath of consumer goods, including video game consoles, TVs and apparel.
"Some tariffs delayedLast week, as recession fears spiked, the Trump administration delayed tariffs on consumer goods such as smartphones, toys and video game consoles until December 15. Trump's advisers warned him these new tariffs could effectively"ruin Christmas," people familiar with the matter previously told CNN.However, some goods from China are still scheduled to get hit with a 10% tariff on September 1.
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