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September 3, 2019 Comments Off on What Trade Wars Could Cost the Average American Family Views: 1020 National News, Top National

What Trade Wars Could Cost the Average American Family

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A new set of tariffs set by the Trump administration went into effect on Sun., Sept. 1. The 15% tariff will impact everything from paint brushes, to cereal bowls, to pajamas, according to the New York Times. It could also have a direct impact on American households.

An analysis by economists Kirill Borusyak at University College London, and Xavier Jaravel with the London School of Economics, estimates that the cost for an average American family could total approximately $460 a year. The estimates include tariffs that have been enacted so far, as well as proposed increases for later in 2019.

The economists added, however, that the figures are rough, as other factors determine true costs. For example, many families might not purchase certain products frequently enough to feel the impact of tariffs. They added, however, that the costs will increase more sharply for non-durables than durables.

Read more at New York Times

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