Here’s what could soon cost you a lot more because of Trump’s massive tariffs
CNN
President Donald Trump on Wednesday launched a US trade war with every country via a barrage of tariffs that are set to go into effect almost immediately. American consumers and businesses stand to pay a hefty price for that battle.
President Donald Trump on Wednesday launched a US trade war with every country via a barrage of tariffs that are set to go into effect almost immediately. American consumers and businesses stand to pay a hefty price for that battle. For the first time since Trump’s return to the Oval Office, it’s not a question of what could get more expensive due to tariffs but rather a matter of when. And the short answer to what could get expensive is, well, everything. Assuming Trump proceeds with the plans he laid out on Wednesday — and he has said there is no room for negotiation — only certain goods from Mexico and Canada have a shot at avoiding any tariffs. Otherwise, all countries’ goods will be subject to a minimum 10% tariff, with rates going much higher for 60 countries the administration deems the “worst offenders” in terms of trade barriers. At the very top of that list is China. Come April 9, the US will impose a 54% tariff on nearly everything coming from China. And rates go even higher, to 79%, if Trump follows through with his promise to slap an additional 25% tariff on any nation that buys oil from Venezuela, which China has done. And then starting on May 2, the 54% tariff rate will also be applied to packages worth less than $800 coming to the US from China and Hong Kong. (Think Shein, Temu and AliExpress.) In total, the average American household will pay $2,100 more per year for goods because of the tariffs, the nonpartisan Tax Foundation estimated.
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