JPMorgan: US-China trade war could cost average American household $1,000 annually
15% US tariff went into effect on billions of dollars in Chinese imports
DETROIT – The trade war between the US and China is being watched even more closely, and analysts believe it will begin impacting American families soon.
At midnight, a 15 percent US tariff went into effect on billions of dollars in Chinese imports. That means prices could go up on things including clothing, diapers, coffee, alcohol, meats and cheeses.
JPMorgan estimates the tariff hike could cost the average American household $1,000 a year. According to reports, 150 business associations are urging the president to delay the tariff increases. The president says he does not want China to continue to rip off the United States.
Meanwhile, the president is taking aim at Michigan Congresswoman Debbie Dingell. On Saturday, the president tweeted about Dingell and the trade war.
Just watched Congresswoman Debbie Dingell, and many other Democrats, wanting to give up on our very successful Trade battle with China, which has had its worst Economic year in memory (and getting worse). We are taking in $Billions. Will be big for Farmers and ALL!— Donald J. Trump (@realDonaldTrump) August 31, 2019
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