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There's not a lot of advertising from the administration about this, but today there goes into effect a 15% tax increase on more than 40% of products from China. On December 15th, the 15% tax will also apply to even more products than the 8/31/19 tax applied to.
This is in addition to the 25% tax already applied to $250 Billion worth of Chinese products. Those are mainly component products that consumers don't buy directly.
J P Morgan Chase estimates that all these taxes together will cost the typical American family about $1,000 year. (Obviously, this will have more of an impact, the lower the family's income. It won't be felt much by the wealthy, and not at all by the top 4%.)
China has raised taxes on some U S products, and has simply found new suppliers for others (soybeans, pork). The farmers won't get that China market back, I think, once they've established business with new suppliers.
Most economists say that these taxes will add to the economic slowdown, but probably won't cause a recession. Probably.
I will probably need a new laptop in the coming year. So I guess I need to decide whether to buy one now. I was going to wait for the holiday sales, but with an impending price increase, I don't know. I need to find out where the laptops I'm interested in are imported from, I guess.
EDIT TO ADD: The date should be 9/1/19, not 8/31/19.
I saw the headline on Yahoo today. Sure enough, the anti-Trumpers couldn't wait to gobble it up. Total fabrication. Tariffs have been on for the better part of the year and nobody has seen any measurable price increase. Harbor Freight's Chinese wrenches are as cheap as ever and their 900W generator is still $89, marked down from $110. There is too much elasticity in pricing to absorb the tariff. Besides, if it helps bring Nike back home, that's just fine with me.
There's not a lot of advertising from the administration about this, but today there goes into effect a 15% tax increase on more than 40% of products from China. On December 15th, the 15% tax will also apply to even more products than the 8/31/19 tax applied to.
This is in addition to the 25% tax already applied to $250 Billion worth of Chinese products. Those are mainly component products that consumers don't buy directly.
J P Morgan Chase estimates that all these taxes together will cost the typical American family about $1,000 year. (Obviously, this will have more of an impact, the lower the family's income. It won't be felt much by the wealthy, and not at all by the top 4%.)
China has raised taxes on some U S products, and has simply found new suppliers for others (soybeans, pork). The farmers won't get that China market back, I think, once they've established business with new suppliers.
Most economists say that these taxes will add to the economic slowdown, but probably won't cause a recession. Probably.
I will probably need a new laptop in the coming year. So I guess I need to decide whether to buy one now. I was going to wait for the holiday sales, but with an impending price increase, I don't know. I need to find out where the laptops I'm interested in are imported from, I guess.
WINNING !!!!!!!!! Trump has this distorted idea that he can bully other countries into doing what he wants, simply because we are AMERICA !! Guess what ? We do not hold all the marbles. Just like his tariffs have hurt American farmers, they will start hurting a lot of others real soon, too.
I love it when Trump and his supporters say " Just hang in there for a little while, it may be bad for a little bit, but then it will get better !" No it won't. Tell that to the farmers who are losing their farms or refinancing them to keep afloat.
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Trump has this distorted idea that he can bully other countries into doing what he wants, simply because we are AMERICA !! Guess what ? We do not hold all the marbles. Just like his tariffs have hurt American farmers, they will start hurting a lot of others real soon, too.