Another round of tariffs by the Trump administration went into effect Sunday, rendering the majority of goods imported to the United States from China subject to import taxes.
The 15% tariff is the latest move in the drawn-out conflict between the world’s two largest economies, but this one is likely to hit American households more directly than the administration’s other trade moves because it affects more consumer products, The New York Times reports.
The latest wave of tariffs, on top of those already enacted and proposed future tariffs, will end up costing the average family about $460 over a year, according to an analysis from economists Kirill Borusyak at University College London and Xavier Jaravel at the London School of Economics. The import taxes could cost up to $970 for wealthier households and as low as $340 for lower-income households, a far cry from the average annual cost of $60 when the researchers did a similar analysis over a year ago.
However, even if families end up spending a hundred dollars more to replace an appliance or several hundred dollars more over the course of the year on other spending, it may ultimately not be enough for them to notice—or, at least, attribute to the trade war. Read the full story.
