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Cost of Trump’s Tariffs Has Hit Entirely on US Businesses and Households
Despite his false claims otherwise, the cost of Trump's trade-war-by-tweet will land "entirely" on American families. Imagine that.
Americans are paying more because of Trump's Tariffs against Chinese goods. The Trump admin's erratic trade policy means that there remains the risk of further escalation and a further burden on the American people.
Goldman Sachs said the cost of tariffs imposed by Trump last year against Chinese goods has fallen “entirely” on American businesses and households, with a greater impact on consumer prices than previously expected.
Trump has repeatedly — and inaccurately — claimed that China will pay for tariffs imposed by the U.S.
More Trump lies exposed. You don’t say....
US producers have “opportunistically” hiked prices in response to protection from Chinese competitors, the bank said.
Trump’s tariff war with China was never going to be “easy to win,” and the tariffs are in fact harmful to all Americans.
Goldman also said the risk of a final round of tariffs on the roughly $300 billion of remaining imports from China has now risen to 30%.
Further escalation of the trade war could also result in a 0.4% hit to GDP, and if trade tensions instigated a sell-off in the equity market, the growth impact could worsen, Goldman said.