As President Trump's tariffs grow, so do their burden on American families.
Over the past few weeks, Trump has slapped tariff after tariff on international goods, particularly those from China. But they hurt more than just U.S. foreign relations. Trump's $80 billion in tariffs on washing machines, steel, and other Chinese products will cost the average American household $60 per year, analysis from The New York Times shows.
That's only one-tenth of 1 percent of a typical household's annual income, per the Times, which used economists' analysis to generate its predictions. But those numbers don't include Trump's most recent $200 billion charge levied against China on Tuesday, which would take effect in September. Those additional taxes will cost average families $127 per year. A 10 percent tariff on all Chinese imports, which Trump has reportedly toyed with, would jack that cost to $270 per year.
The $60 per year cost is also based purely on how American tariffs could jack up the price of everyday products. Some Americans could lose their jobs or see lower wages because other countries' retaliatory tariffs slow U.S. exports, the Times suggests. Still, because these costs focus on industrial goods, they probably won't be a huge burden unless you buy a new car or washing machine.
Read more about how Trump's trade war could affect you at The New York Times.