U.S. NEWS 08/19/2019 04:28 pm ET
Despite repeated assurances from Trump administration officials that U.S. consumers are not bearing the brunt of its tariffs on China, a new JPMorgan analysis predicts that the average American family will shoulder $1,000 per year.
According to CNBC, the firm estimates that the administration’s newest round of tariffs ― 10% on $300 billion of Chinese goods ― will result in a $400 increase in costs per household. Roughly half of the new tariffs are due to take effect on Sept. 1 and the other half are set for Dec. 15. The Chinese tariffs already in place are expected to cost the average household $600 per year.
In total, the impact of tariffs are predicted to effectively wipe out tax breaks from President Donald Trump’s 2017 tax overhaul, which JPMorgan estimates to be $1,300 per year.
Despite repeated assurances from Trump administration officials that U.S. consumers are not bearing the brunt of its tariffs on China, a new JPMorgan analysis predicts that the average American family will shoulder $1,000 per year.
According to CNBC, the firm estimates that the administration’s newest round of tariffs ― 10% on $300 billion of Chinese goods ― will result in a $400 increase in costs per household. Roughly half of the new tariffs are due to take effect on Sept. 1 and the other half are set for Dec. 15. The Chinese tariffs already in place are expected to cost the average household $600 per year.
In total, the impact of tariffs are predicted to effectively wipe out tax breaks from President Donald Trump’s 2017 tax overhaul, which JPMorgan estimates to be $1,300 per year.
