Trump's Trade War Will Cost Average Family $1,277 This Year, Budget Office Reveals

[riversedge]

I certainly do not feel like I have any extra money last year. nor now!!




POLITICS 02/08/2020 10:30 pm ET Updated 7 hours ago


Trump’s Trade War Will Cost Average Family $1,277 This Year, Budget Office Reveals
The extra costs will effectively wipe out savings from the president’s tax cuts.


https://www.huffpost.com/entry/cbo-1277-trump-trade-war-cost_n_5e3f5db1c5b6f1f57f125dfe


President Donald Trump’s ongoing trade wars are expected to cost the average American family $1,277 this year, according to a study by the nonpartisan Congressional Budget Office.

The figure is based on the negative impact of tariffs on economic growth, as well as higher prices to consumers as American manufacturers and retailers are forced to pay tariffs on imports.

Trump has boasted that trade wars are “easy to win,” and has repeatedly falsely insisted that China is paying tariffs directly into the U.S. Treasury. In fact, American companies importing goods or supplies pay tariffs enacted by Trump, and typically pass on those costs to consumers. In addition, U.S. industries are hurt by retaliatory tariffs enacted by other nations when American companies try to sell their products abroad.

The CBO also warns in its report that uncertainty about the future and trading relationships can cause companies to delay or drop investments in their operations, further dampening American economic growth..................................

[SWBTATTReg]

1. I don't think I've seen any tax breaks/cuts for me, so it's even worse for me. Trade war, ...

extra still paid on taxes, income growth very minimal, I'm winning head over heel!

[dalton99a]

2. His tariffs should be called the Trump tax

[llmart]

3. You'd have to be blind not to see the prices on everything going up.

Just one trip to the grocery store is evidence enough.

[riversedge]

4. yes, groceries have definately gone up. lots of rice and beans lately.

[Maraya1969]

5. These are Trump tax increases for the middle class and poor. Too many people

do not realize that tax and tariff are synonyms. They think they have not had their taxes raised.