NY Fed Says Tariffs On China To Cost Typical U.S. Household $831/Year
Reuters reports research suggests U.S. tariffs on Chinese imports will cost the typical American household $831 annually.
The Federal Reserve Bank of New York published research Thursday that estimated larger importers will likely switch to goods from more expensive countries.
The Trump administration this month raised existing tariffs on $200 billion in Chinese goods to 25% from 10%.
The raise followed several rounds of discussions to end the 10-month trade war between the two countries.