Lovely Weighs In on How Trump's Proposed Tariffs Will Impact US Consumers in China Daily Article
November 18, 2024
China Daily
President-elect Donald Trump proposed tariffs of 60 percent on imported goods from China and 20 percent on all imported goods into the United States while he was campaigning.
Under Trump's plan, U.S. citizens could lose between $46 billion and $78 billion in spending power per year on products like clothing, toys, furniture, appliances and travel goods, according to the National Retail Federation.
Trump has said China will pay for the tariffs, not U.S. businesses or consumers. But companies that face the duties are busy deciding whether they will have to source products from outside of China or raise their prices.
The new duties also could mean “a household with median income is projected to pay $1,700 more each year in import taxes,” says Mary Lovely, professor emerita of economics.
Read more in the China Daily article, “Consumers to bear brunt of US tariffs.”
Related News
Research
Dec 19, 2024
Commentary
Dec 18, 2024
Research
Dec 18, 2024
Research
Dec 16, 2024