Reminder: Trump is raising your taxes today
A new tariff of 15% will be added to the cost of more than 40% of all consumer products imported from China on Sept. 1. That amounts to about $109 billion worth of annual imports, according to research firm Panjiva. On Dec.15, the 15% tariff will be assessed on another $155 billion worth of consumer goods from China. At that point, there will be new Trump tariffs on virtually everything imported from China.
The Sept. 1 tariffs would take about $16 billion out of Americans’ pockets over the course of a year, if Chinese import levels remain the same. Add in the Dec. 15 tariffs and the cost of the tax would rise to $40 billion. That’s not a huge hit in a $21 trillion economy, but it does add up. JPMorgan Chase estimates the tariffs already in place and scheduled to go into effect will cost the typical American household more than $1,000 per year.
This is a tax hike that will hit the poor and middle class a lot more than job creators though, so it's ok.