Trump is betting American families are willing to pay for his trade war
Source: WaPo. by Heather Long
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All of Trumps tariffs so far — on China, on steel and aluminum, on washing machines and on solar panels — will end up costing the average U.S. family $80 a year, Moody's Analytics estimates in a report to be released next week. If Trump continues to pile tariffs on China (he has threatened to do another $100 billion) and China retaliates, then the cost to the average family would rise to $210, according to Mark Zandi, chief economist at Moody's Analytics. Wall Street bank Goldman Sachs has also forecast rising prices from the tariffs.
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The reality is every family isn't going to pay $80. Some families are likely to pay hundreds or thousands or be the ones losing jobs and livelihoods, while most others probably won't notice the price increases.
For example, “laundry equipment” prices have shot up 17 percent since Trump put tariffs on washing machines in January. Families that are buying a new washing machine now probably aren't happy, but the majority of Americans aren't shopping for a new washing machine and may not care much.
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China, Canada and the E.U. have targeted politically vulnerable parts of America with their retaliatory tariffs. It's another reason many Republicans are urging Trump to back down. They also say that growth, which is picking up after the Republican tax cut and extra government spending, is now in doubt because of the tariffs.
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Read it all at: https://www.washingtonpost.com/news/wonk/wp/2018/06/15/trump-is-betting-american-families-are-willing-to-pay-for-his-trade-war/
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Not a big fan of trump supporting American pig farmers.
