Higher China Tariffs Could Cost Americans $767 Annually
(CBS News) -- President Donald Trump's renewed threat to hike tariffs on $200 billion in Chinese imported goods as soon as Friday sent markets reeling and retailers warning consumers will be hit hard. But how much pain will consumers feel?
A good amount, apparently. Taken together, the tariffs -- levies paid by consumers and companies, not China -- could cost an average family of four $767 a year, one study from a group called the Trade Partnership estimated in February. The group also forecast the tariffs would cut U.S. employment by 934,000 people and subtract roughly 0.4 percentage points from U.S. GDP.
Mr. Trump Sunday tweeted that he intended to hike tariffs on Chinese goods to 25 percent from 10 percent put in place in September. That's on top of other tariffs, including those on steel and aluminum and those on an earlier $50 billion on Chinese imports imposed last year. As has been its pattern, the Chinese government is threatening to retaliate. A Commerce Ministry spokesman said Thursday that "China will have to take necessary countermeasures" if the U.S. tariffs move ahead.