The latest Trump tariffs took effect Sept. 1 and sent the price of consumer goods higher. The 15% tariff will affect $112 billion in Chinese imports.
The previous tariffs had targeted industrial goods but now everyday household items — valued at $250 billion in Chinese products — are taxed.
Higher tariffs are scheduled to kick in this Dec. 15, just before Christmas, that will result in 99% of Chinese goods being taxed, per the Peterson Institute of International Economics.
The Trump tariffs have raised the average tariffs on Chinese imports from 3.1% in 2017 to 24.3%.
As a result, you and I will pay more for shoes, toys, electronics, diapers, sporting goods and meat and dairy products.
The other bad news is the American farmer has lost his big market in China.
According to the Tax Foundation, Trump could be the first Republican president to raise taxes since George H.W. Bush. J.P. Morgan estimates the import tax would cost the average household up to $1,795 a year.
The increase would amount to $200 billion annually, which is larger than the $165 billion average annual reduction in the 2017 Tax Act and Jobs Act.
It is apparent the average American is getting the shaft in the economic crossfire.