Americans need to get ready to take another financial hit compliments of the man in the Oval Office.
Donald Trump’s imposed tariffs are expected to add thousands in costs to average households in 2020. Texas-based nonprofit, National Foundation for American Policy (NFAP) reports:
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 … “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 costs will continue to increase as long as the tariffs are in enforced. To give an example:
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 October 1, and more tariffs are set to kick in on December 15.
But that’s not the worst of it. According to the NFAP report, if Trump goes forward with the other tariffs, which he is threatening to do, the annual cost to American consumers will be over $461.1 billion and $3,614 per average household.
In summary:
President Donald Trump’s tariff policy has reduced the economic benefits of the Trump administration’s deregulation efforts by 29 percent and the additional anticipated tariffs on Chinese imports will eliminate all remaining economic gains from the administration’s deregulation actions, according to an analysis of trade and regulatory policies. These findings are a reminder that tariffs are a form of business regulation that can be at least as economically harmful as other forms of regulation.
When will his base realize that Trump is playing and gambling with America as if it was one of his businesses, one of his deals? With six bankruptcies in his pocket, we don’t have much to look forward to.
House Representative Hakeem Jeffries, a top Democrat from New York gets a little more real regarding Trump’s detrimental tariffs, “This is a man-made disaster because Donald Trump is not focused in any way on advancing a well-thought-out doctrine. He seems to be carrying out, at times, personal vendettas, at other times political objectives and sometimes an effort to distract from the news of the day.”
There it is.