“US tariffs recently imposed on goods from China will cost American households $106 billion annually, according to a report from the Federal Reserve Bank of New York. These tariffs likely will reduce overall tariff revenue collected by the US and will “create large economic distortions,” the report said.”
Tariffs are a hidden tax on consumer purchasing power.
Trump’s China tariffs hike will cost average U.S. family $831 a year
- Higher U.S. tariffs on Chinese goods are “likely to create large economic distortions and reduce U.S. tariff revenues,” according to economists at the New York Federal Reserve.
- The latest round of 25% tariffs on $200 billion in certain Chinese imports will cost U.S. households $106 billion a year, or $831 for the average family, New York Fed researchers found.
- Tens of billions in recent stock-market losses reflect worries that U.S. trade friction with China isn’t going away soon. https://www.cbsnews.com/news/trumps-china-tariffs-hike-will-cost-typical-u-s-family-831-a-year-fed-economists-say/
Invest that $800 each year for 10 years in an Individual Retirement Account (IRA) or 401(k) at a modest 4% return for a total of $11,173. Use an online calculator to make your own estimates:
Source: Financial Planning for Women