Trump Tariffs Will Soon Cost U.S. Families Thousands of Dollars A Year

by MR Magazine Staff

Tariffs are taxes that harm the average consumer. This is particularly true with the tariffs Donald Trump has levied on imports from China. The ever-escalating tariffs on Chinese goods are producing increased costs for American consumers. “On an annual basis, when adding the tariffs in effect and the tariffs set to go into effect by the end of 2019, the costs of the tariffs to consumers will be $259.2 billion. That is, the tariffs will cost the average household $2,031 per year, and will be recurring so long as the tariffs stay in effect,” according to a new National Foundation for American Policy (NFAP) study. The costs may go even higher. Read more at Forbes.