Posted on 05/15/2019 12:27:29 PM PDT by SeekAndFind
President Donald Trump’s trade war with China could cost the average American family of four up to $2,300 a year, according to a report on the effect of tariffs on the U.S. economy and workers.
The study, by the economic consulting firm Trade Partnership Worldwide, assesses how tariffs will affect American consumers and the economy. According to the report, an average American family of four would pay $2,300 more in goods and services each year if Trump imposes a 25% tariff on all goods from China, as he has repeatedly threatened. If tariff levels remain where they are today, the average American family is expected to pay about $770 in higher costs each year the tariffs remain in place, says Laura Baughman, a co-author of the study and president at Trade Partnerships Worldwide.
The findings come as Trump and China have both escalated the trade dispute in recent days. As U.S. and Chinese negotiations met in Washington last week, Trump announced that he was raising tariffs from 10% to 25% on $200 billion worth of Chinese goods. China responded with a plan to increase tariffs on $60 billion in U.S. exports.
Then, on Monday, the Trump Administration outlined plans to impose additional tariffs on another $300 billion worth of Chinese imports, providing a list of products that include apparel, children’s toys, crafting products, sports equipment and shoes. That amounts to tariffs on virtually all Chinese imports.
The U.S. imported almost $540 billion in goods from China in 2018, while exporting $120 billion. Meanwhile, the U.S. imported $18 billion in services from China in 2018, while exporting almost $59 billion, though services are not directly affected by tariffs.
(Excerpt) Read more at time.com ...
So let’s assume that we go to 25% and China reciprocates if they aren’t already that high. That’s 25% ON (540-120) BILLION = 25%*420b = $105B in annual tariffs revenue for the government.
There are 320 million Americans. But the article was calculating on a family of 4. So 320/4 = 80 million households. $105B/80m = $1310/household.
The article doesn’t pass the smell test.
More importantly the article misses the whole point of the trade war, which is to recover jobs and industries. Putting other Americans back to work, enriching us all.
So let’s assume that we go to 25% and China reciprocates if they aren’t already that high. That’s 25% ON (540-120) BILLION = 25%*420b = $105B in annual tariffs revenue for the government.
There are 320 million Americans. But the article was calculating on a family of 4. So 320/4 = 80 million households. $105B/80m = $1310/household.
The article doesn’t pass the smell test.
More importantly the article misses the whole point of the trade war, which is to recover jobs and industries. Putting other Americans back to work, enriching us all.
I don’t think you have good grip on macro economics and trade. We only export $150B per year to China and a lot of it is agriculture stuff which has other markets to sell in. The tariff will only reduce their demand marginally. This hardly moves the needle. $150B in a $20T economy is nothing. OTH the Chinese will see layoffs and lower employment!!!!
American Enterprise Institute’s Derek Scissors points this out:
Worst case scenario — If the US places 25% tariffs on ALL Chinese imports and no substitution for those goods and services occurs, the additional cost would be $145 billion. That’s a bit over one percent of 2018 consumer spending, but in reality, the cost will certainly not that be that high, because SUBSTITUTION WILL OCCUR. And the cost will fall over time as more producers enter to replace Chinese. We have businessmen in Mexico, Vietnam, India, the Philippines and Indonesia willing to take up the slack.
BS
Idiots. Only if we buy the most expensive things on the shelves. These dopes think that people don’t or won’t change their buying habits. Like everyone is going to say “I love that cheap chinese stuff...buy chinese!”
I heard abput $780 but that could be family size. But the scary thing about either number is the flow of money from here to there! Also, it presupposes there are no other alternatives. Thats a lot of GDP to repatriate!!!
So silly.
If you don’t buy Chinese junk, it won’t cost you anything.
If you were paying less because China was gutting America, and now you pay market price, well boo hoo for you.
Has Time yet reported that BathHouseBarryCare has cost the average American family around $12,000 a year for the privilege of not being able to afford to go to the doctor?
The MSM only helps the stock markets plunge, so all I have to say is
What stock are you buying?
Meanwhile, no outrage on the 10’s of thousand dollars the Green Energy Bill would cost the average family of 4.
Is TIME using H-1B journalists?
So how much will it cost to capitulate the the Chinese, let the Chinese continue to charge tariffs on U.S. goods and to flood the U.S. markets with subsidized Chinese goods to put U.S. manufacturers out of business?
Ok, now we have a target for the next round of tax cuts. Go, Trump!! We’ll all be a lot better off when “Made in the USA!” becomes the most valuable label in the world!
No problem Obamacare saved me $2500 a year, so I am still up a few hundred
/Sarcasm
NOTHING that comes from China is purchased for our household. We are even in the process of replacing anything of stainless steel(usually made in China or with steel from China) with stainless that was made in the USA....as USA steel is much better and does not contain the heavy metals found in Chinese stainless steel.
I do not believe this “news” for a minute.
Why are there people in the US so obsessed with sucking up to China..never understood that, are they so invested in trashing America that they want another country to be the superpower..here’s an idea, how about HIRING American workers and making AMERICAN products..that way we wont have to suck up to the China’s tit
Cant even count the number of times Ive read online of dogs who have died because they ate dog food from China..very sad, for our pup we pay more and get Maxie ONLY made in the USA, yeah its more expensive but worth it
Since a lot of welfare slugs shop at Wally World and Dollar Fifty General this a good way to claw back some of the wasted government spending.
More scare bull shit from liars on the left.
I don’t call them Free Traitors™ for nothing.
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