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Trump's Trade War With China Could Cost the Average Family Up to $2,300 a Year, Report Estimates
TIME ^ | 05/15/2019 | BY MAHITA GAJANAN

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 ...


TOPICS: Business/Economy; Culture/Society; Foreign Affairs; News/Current Events
KEYWORDS: boycotts; china; dnctalkingpoint; dnctalkingpoints; mahitagajanan; mediawingofthednc; partisanmediashills; presstitutes; sanctions; smearmachine; tariffs; time; trade; tradewar
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To: 2banana

The “Affordable” care act costs me that much in a month! FUBO


61 posted on 05/15/2019 1:12:05 PM PDT by 21twelve (!)
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To: SeekAndFind
Our "captains of industry" off shored to China because these thieving bastards knew two things: The ChiComs would keep labor costs down with an iron fist and Free Traitors™ in this country, that have zero understanding of macro economics and history for that matter, will keep the protectionist tariffs to minimum.

The times they are a changing.

62 posted on 05/15/2019 1:13:00 PM PDT by central_va (I won't be reconstructed and I do not give a damn.)
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To: SeekAndFind

That’s absurd!

It’s a 25% tax on $200 billion. That’s $50 billion in taxes. $2,300 on 100,0000 families per year works out to $230 billion in taxes...

If China doesn’t lose a penny in commerce, that’s $50 billion. My guess is that about $10 - $30 billion in taxes actually ever get paid. Now how much will come from the consumer? Maybe $5-$15 billion? (After all, only a very small portion of Nike’s costs come from production costs.)

So let’s say America consumers pay a whopping $15 billion in extra taxes... that’s $45 per family.


63 posted on 05/15/2019 1:13:40 PM PDT by dangus
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To: dangus

I get what you are saying but static analysis is useless. It’s like taking a picture of sports car going 200 MPH with a high speed digital camera. If you look at the picture it isn’t moving. You’d say the car is sitting still.


64 posted on 05/15/2019 1:17:00 PM PDT by central_va (I won't be reconstructed and I do not give a damn.)
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To: SeekAndFind

Or, it could not.


65 posted on 05/15/2019 1:17:50 PM PDT by Texas Eagle (If it wasn't for double-standards, Liberals would have no standaurds at all -- Texas Eagle)
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To: SeekAndFind

One of the first things I replaced was my dog water/food bowls. The price (on Amazon) for one extra large bowl is basically $40.00, but you can get a 2-pack for basically $70.00 They are really good bowls and I am much happier with them than the lighter ones we had. I also noticed that this is an AMAZON CHOICE product now...so several others also like them better. I’ve had this for a couple of years now and they still look as good as new.

Look for Basis Pet Made in The USA Stainless Steel Dog Bowl on Amazon. Pots and pans and eating utensils are a bit more...so we are replacing these little by little. I am constantly comparing prices on companies that sell USA stainless steel kitchen products, etc. online. I also found a USA stainless steel cookie sheet on Amazon too...and love it.

It is definitely worth it.
It also pays to research online as steel from China is loaded with heavy metals. I have even preferred USA steel cookware over types of stainless that one can find elsewhere (even at Williams Sonoma).


66 posted on 05/15/2019 1:19:29 PM PDT by SumProVita (Cogito, ergo....Sum Pro Vita - Modified Descartes)
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To: central_va

Well, yes... the notion that stopping sending US $$$ overseas has any net cost in the long run is traitorously stupid!


67 posted on 05/15/2019 1:20:57 PM PDT by dangus
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To: SeekAndFind
Are you saying that there will NOT BE job losses, slower economic growth and a drop in exports due to China’s retaliatory tariffs?

If Red China attempts to impose retaliatory tariffs, manufacturing will diversify in the supply chain so that one totalitarian regime will never be able to extort us in this manner again. Already I am starting to see more products Made in Vietnam, India, the Philippines, Thailand, Malaysia, etc. That doesn't mean U.S. jobs, of course, but it is good to do business with places that don't see commerce as part of a strategic plan for regional hegemony.
68 posted on 05/15/2019 1:22:50 PM PDT by Dr. Sivana (There is no salvation in politics.)
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To: chuckee

You STILL have to inquire about the SOURCE of the steel. Many other countries purchase steel from China....for all sorts of products.


69 posted on 05/15/2019 1:24:55 PM PDT by SumProVita (Cogito, ergo....Sum Pro Vita - Modified Descartes)
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To: SeekAndFind

I didn’t even know Time Magazine was still in business. Either way one should never believe anything published in it’s pages.


70 posted on 05/15/2019 1:27:43 PM PDT by fatman6502002 ((The Team The Team The Team - Bo Schembechler circa 1969))
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To: fatman6502002

Lol! Amen to that!


71 posted on 05/15/2019 1:29:46 PM PDT by SumProVita (Cogito, ergo....Sum Pro Vita - Modified Descartes)
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To: SeekAndFind

Let’s see:

$00.200trillion Tariffs (2019 est)
——————————————— = 0.00931%
$21.482trillion GDP (2019 est)

$ 2,300 Tariffs (2019 est)
-———————————————— = 0.04914%
$46,800 Personal Income (2019 est)

I think this article broke my bullshit meter.


72 posted on 05/15/2019 1:32:40 PM PDT by econjack
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I suppose it could. On the other hand it could not


73 posted on 05/15/2019 1:34:38 PM PDT by dsrtsage (For Leftists, World History starts every day at breakfast)
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To: SeekAndFind

Buy American, save money, help America create jobs.


74 posted on 05/15/2019 1:37:24 PM PDT by AmericanCheeseFood (Fox Shadowbans People On Comments)
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To: SeekAndFind

Dats bull shot

I used my Abacus and came up with a completely different number and it’s not even close to theirs

They over simplified the calculations

Further, assuming they’re correct, how much worse will it be in 10 years if they are allowed to continue their present behavior?

My Ouija board says it’s worse than their present calculations


75 posted on 05/15/2019 1:38:20 PM PDT by Vendome (I've Gotta Be Me https://www.youtube.com/watch?v=BB0ndRzaz2o)
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To: blackdog

I actually believe you...

LOL


76 posted on 05/15/2019 1:39:31 PM PDT by Vendome (I've Gotta Be Me https://www.youtube.com/watch?v=BB0ndRzaz2o)
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To: SeekAndFind
The latest from the Democrat Party Line Media, in conjunction with their Chinese communist overlords:


77 posted on 05/15/2019 1:40:37 PM PDT by BeauBo
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To: SeekAndFind

Look for China to place a lot of the scare articles in the media of their commie pals.


78 posted on 05/15/2019 1:46:20 PM PDT by Long Jon No Silver
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To: SumProVita

I was only talking about the trade deficit between the US and China not other nations. That is exclusively determined by the dollar amount of goods they purchase from the US and dollar amount we purchase from them. It is readily ascertainable. We have just under a 400 billion dollar imbalance. Where the component parts or material like steel originate from in the end product are irrelevant in a self adjusting staged tariff structure based exclusively on the trade imbalance between the two nations.Hope that clarifies


79 posted on 05/15/2019 1:47:10 PM PDT by chuckee
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To: chuckee

Understood. Thank you, sir.

By way of my own clarification, I was focusing on the health issues. My husband, a retired Naval aviator, had to have several heavy metals removed from his system last year. Due to that, his health has been much improved. I am now much more alert to maintaining the greatest distance possible between our family and heavy metals.

We also simply like to support AMERICAN steel! :-)


80 posted on 05/15/2019 1:58:46 PM PDT by SumProVita (Cogito, ergo....Sum Pro Vita - Modified Descartes)
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