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Thread: Trump tariffs are set to cost U.S. households $2,000 in 2020, research group finds

  1. #1

    Trump tariffs are set to cost U.S. households $2,000 in 2020, research group finds

    https://finance.yahoo.com/news/trump...151755274.html

    More than offset the tax cuts.

    Tariffs are expected to cost American households more than $2,000 per year in 2020, according to a recent report from the National Foundation for American Policy (NFAP).

    The Arlington-based nonprofit — which looked at the effect of tariffs on the overall economy and consumers — estimated that by the end of 2019, the trade duties imposed by U.S. President Donald Trump “will have cost the average household $1,315 over a two-year period.”

    And “when adding the tariffs in effect and the tariffs set to go into effect by the end of 2019, the costs of the tariffs to consumers will be $259.2 billion,” the report stated. “That is, the tariffs will cost the average household $2,031 per year, and will be recurring so long as the tariffs stay in effect.”

    The tariffs ‘eliminate all remaining economic gains from the administration’s deregulation actions’

    The $2,031 number is higher than other estimates because tariffs keep increasing.


    In May, the New York Fed estimated a $831 cost to households from tariffs. J.P. Morgan estimated that tariffs that went into effect on September 1 would cost American households up to $1,000 per year. Additional tariffs on China went into effect on September 1, and more tariffs are set to kick in on December 15.

    “If all tariffs threatened by the Trump administration are imposed, combined with the current tariffs in place, the annual cost to U.S. consumers would be $461.1 billion and the cost for the average household would be $3,614,” the report stated.

    The increased cost — or tax — has reduced the economic benefits brought by the Trump administration’s deregulation efforts by 29%, the report noted, and added that additional tariffs would “eliminate all remaining economic gains from the administration’s deregulation actions.”

    “The findings show that tariffs are a form of business regulation that can be at least as economically harmful as other forms of regulation, especially for consumers,” NFAP Executive Director Stuart Anderson said in a press release.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.



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  3. #2
    https://www.marketwatch.com/story/tr...ort-2019-09-03

    Trump wanted to double tariffs against China: report

    President Donald Trump wanted to double tariffs against Chinese goods after he heard China would retaliate for the latest round of his tariff hikes against Chinese goods, CNBC reported Tuesday. CNBC said that in late August, Trump learned China would impose tariffs on $75 billion in U.S.-made goods in response to U.S. hikes going into effect Sept. 1, and was so angered that he suggested doubling existing tariffs. He was talked out of it by Treasury Secretary Steve Mnuchin and U.S. Trade Representative Robert Lighthizer, who enlisted a number of CEOs to personally warn Trump of the painful effect such a move would have on the economy and the stock market, CNBC reported. Trump eventually agreed to raise tariffs on $550 billion of Chinese goods by 5%.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  4. #3
    He should have doubled them

  5. #4
    https://www.cnn.com/2019/09/07/polit...ump/index.html

    Trump's other trade war could hit European cheeses and olive oil



    The steady stream of customers walking into Di Palo's on a recent afternoon were greeted by giant cheese wheels, meat hanging from the ceiling and bottles of olive oil lined up on the shelves -- a century-old array that's at risk because of President Donald Trump's trade wars.

    Most of the products sold at the 109-year-old specialty shop in Manhattan's Little Italy neighborhood are from the old country, and attract customers from all over. The store has lasted through two world wars and the Great Depression. But because of a Trump administration fight with the European Union, Di Palo's customers could soon be paying up to double the price, testing their loyalty.

    The Trump administration has proposed a tariff of up to 100% on $25 billion in European items. Romano, Parmesan, provolone and Gouda are all on the list. But it's not just cheese. The tariff is proposed to hit a variety of items that pair well with cheese, as well -- like wines and meats, olive oil, olives and pasta.

    While Trump's tariffs against China threaten to raise prices on an array of consumer goods, this lesser-known trade dispute has cheese lovers up in arms and cheese sellers like Lou Di Palo worried about how potential new tariffs could hurt sales.

    Di Palo says the tariff could hit about 95% of the items his store sells, and he's skeptical that customers will pay double for everything. He plans to take a hit to his profit margins rather than raise prices to cover the cost of the tariff.

    "Products that we sell are already kind of expensive. For instance, Parmigiano Reggiano and Grana Padano. These are cheeses that sell between $15 and $20 a pound. Could I get $30 and $40 a pound for this cheese? It's going to be very difficult," said Di Palo, who works behind the counter with his brother Sal and sister Marie at the store, which was opened by their great-grandfather.

    The kicker for Di Palo and other importers is that the trade dispute has nothing to do with food. Instead, it's part of a 15-year-long issue over subsidies for aircraft makers Boeing and Airbus. Both the US and the EU have been found at fault -- and both are threatening tariffs on a wide range of other goods in retaliation. It's up to the World Trade Organization to determine the scope of allowable duties. A decision is expected sometime this month, and it has importers on the edge of their seats.

    Di Palo worries that such high duties could make it difficult for his family business to survive.

    "Could this be, excuse the expression, the straw that breaks the camel's back, and my children and my sister's children say it doesn't pay to be here anymore?" he said.

    About 14,000 specialty food retailers, along with 20,000 other food retailers across the country, would be affected by the tariffs, according to the Specialty Food Association.

    Food importers are worried, too. If sales go down, they'll be doing less business.

    "100% duties would be really devastating. We're going to make these items so expensive and so unmarketable we won't import them anymore," said Tom Gellert, principal of the Gellert Global Group, which owns five US-based food importing companies and employs more than 500 workers across dozens of states.

    If the tariffs are imposed, people like Gellert still don't know when they'll go into effect, and can't be sure what items will be hit or at what rate.
    "The uncertainty alone is already frustrating. It's very difficult to budget when we don't know what the cost of our products is going to be," he added.

    Supplies of olive oil could get low. The United States produces just about 5% of what Americans consume. A bipartisan group of lawmakers has already pleaded with the US Trade Representative's Office to reconsider imposing a tariff on the oil.

    On the other hand, the tariffs may benefit American producers who make domestic versions of cheeses that are thought of as quintessentially Italian, like mozzarella and burrata.

    But when it comes to the cheese-obsessed, the region where it's made and the cow's or goat's milk used make all the difference.
    If the tariffs go into effect, Di Palo says, he may start selling more American-made cheese as an alternative to what will become a more expensive Italian product.

    "I will tell you this," he said. "As long as the door of Di Palo's is open, it's going to maintain the traditions of my great-grandfather and grandparents. We are going to have the authentic products of Italy. The authentic wines of Italy, the authentic cheeses, oil, salumi. This is very important to us."
    Last edited by Zippyjuan; 09-07-2019 at 11:21 AM.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  6. #5
    Quote Originally Posted by phill4paul View Post
    He should have doubled them
    Yay! More taxes for US consumers to pay!
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  7. #6
    Quote Originally Posted by Zippyjuan View Post
    Yay! More taxes for US consumers to pay!
    Not if you don't buy Chinese goods.

  8. #7
    Quote Originally Posted by phill4paul View Post
    Not if you don't buy Chinese goods.
    Tariffs raise the price of locally produced goods too because lower priced competition is removed. That was seen right away with the tariffs on washing machines. https://www.nbcnews.com/business/con...st-100-n999461

    Trump's washing machine tariffs are costing Americans almost $100 more per appliance


    American manufacturers have also jacked up the cost of their appliances, in order to match the higher price of their competitors.

    A little more than a year after President Donald Trump slapped a 20 percent tariff on imported washing machines, new research finds that American shoppers have been the ones to pay the price.

    A study conducted by two researchers at the University of Chicago and a Federal Reserve Board Governor found that washers cost an average of 12 percent more after the imposition of the tariffs, or roughly $86 to $92 more per appliance.

    “It’s a good example of how the benefits of free trade are extremely diffuse but then the benefits of protectionism are concentrated,” said David Dollar, a senior fellow at the Brookings Institution.

    Collectively, Americans are paying more than $1.5 billion extra every year from this tariff alone. Another recent study by a trio of economists from Princeton and Columbia universities and the New York Fed found that the combined impact of all the Trump administration’s trade sanctions costs Americans $1.4 billion each month.

    Although the tariff studied by the University of Chicago researchers was only on imported washing machines, the study found that the price increases were significantly more widespread. “Taking the effects on both goods together, the overall tariff elasticity of consumer prices is above 100 percent for the 2018 safeguard tariffs,” they wrote. “The costs of these 2018 tariffs are substantial.”
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  9. #8
    Propaganda.

    China is eating most of the cost.

    And allowing China to destroy our economy has already cost us much more and will cost us much more yet.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment



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  11. #9
    Quote Originally Posted by Swordsmyth View Post
    Propaganda.

    China is eating most of the cost.

    And allowing China to destroy our economy has already cost us much more and will cost us much more yet.
    Speaking of propaganda....

    I get it that you like things which promote chaos.
    Quote Originally Posted by Swordsmyth View Post
    The quality seems to have dropped significantly since I came here, I guess you get what you pay for.
    "There is always a tweet. That has become accepted fact in the Trump presidency: For every pronouncement the President makes, there is at least one tweet from his past that directly contradicts his current view." -CNN

    I am Zippy and I approve of this post. But you don't have to.

  12. #10
    Quote Originally Posted by Zippyjuan View Post
    Speaking of propaganda....

    I get it that you like things which promote chaos.


    You do a terrible job of promoting global tyranny.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

    Robert Heinlein

    Give a man an inch and right away he thinks he's a ruler

    Groucho Marx

    I love mankind…it’s people I can’t stand.

    Linus, from the Peanuts comic

    You cannot have liberty without morality and morality without faith

    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  13. #11
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    Openly Straight Man Danke Awarded Top Rated Influencer

    Quiz: Test Your "Income" Tax IQ!


    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  14. #12
    There are no tariffs that will cost my house 2K .
    Do something Danke

  15. #13
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Views:	0 
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ID:	7057
    Openly Straight Man Danke Awarded Top Rated Influencer

    Quiz: Test Your "Income" Tax IQ!


    Short Income Tax Video

    The Income Tax Is An Excise, And Excise Taxes Are Privilege Taxes

    The Federalist Papers, No. 15:

    Except as to the rule of appointment, the United States have an indefinite discretion to make requisitions for men and money; but they have no authority to raise either by regulations extending to the individual citizens of America.

  16. #14
    Quote Originally Posted by oyarde View Post
    There are no tariffs that will cost my house 2K .
    I say it again, nothing anyone in govt does will cost Oyarde anything. Bernie Sanders could increase taxes by 1000% and Oyarde will remain untouched.

    Oyarde, please teach us your methods for preventing all these govt policies from affecting us.
    You can maintain power over people, as long as you give them something. Rob a man of everything, and that man will no longer be in your power. Aleksandr Solzhenitsyn

    Quote Originally Posted by LibertyEagle View Post
    Trust principles; not people.
    My Che avatar is my unique way of giving a big middle finger to the, the neocons, the globalists, imperialists and most importantly to the left and right political establishment who hate his guts till this day. My admiration for him ends where his anti imperialist pro communism ideology starts.

  17. #15
    Quote Originally Posted by Danke View Post
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    I didn't know the deep state has started hanging patriots. Who out there is working to save humanity from the deep state despots?
    You can maintain power over people, as long as you give them something. Rob a man of everything, and that man will no longer be in your power. Aleksandr Solzhenitsyn

    Quote Originally Posted by LibertyEagle View Post
    Trust principles; not people.
    My Che avatar is my unique way of giving a big middle finger to the, the neocons, the globalists, imperialists and most importantly to the left and right political establishment who hate his guts till this day. My admiration for him ends where his anti imperialist pro communism ideology starts.



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