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Offbeat A List of Everyday Items That Could Cost You More Money Because of Trump's Trade War

11:10  14 june  2018
11:10  14 june  2018 Source:   time.com

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That’s just one of the ways that everyday Americans may lose out as a result of Trump ’ s proposed trade action, which poses a threat to the very people whose economic interests he claims to Or they can pass on the cost to customers. Most people are worried about the last option.

Everyday Money . The Dow Jones industrial average fell more than 572 points on Friday after President Trump said the U. S . Trade Representative was considering slapping tariffs on an additional 0 billion of imported goods from China.

  A List of Everyday Items That Could Cost You More Money Because of Trump's Trade War © Gareth Morgans—Getty Images; Moggy—Getty Images; Science Photo Library—Getty Images; mbbirdy—Getty I...

The countries being targeted by President Donald Trump’s newly imposed trade tariffs are retaliating with their own tariffs on U.S. goods that may have major implications for Americans including job losses and pricier items.

When Trump originally announced tariffs on metals — a 25% tariff on imported steel and a 10% tariff on imported aluminum — back in March, he exempted U.S. allies like Canada, Mexico and and the European Union from being taxed on those exports until June 1. Now that Trump has let the exemptions expire, those U.S. allies are fighting back with trade tariffs of their own on American goods, primarily on metals and agricultural products.

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Consumer goods could cost more . Trump ’ s list of targeted products, valued at some billion, focuses mostly on industrial machinery — such as aircraft parts and steam turbines, for example — that everyday Americans are unlikely to purchase.

Everyday Money . Election 2016. How Trump Could Start a Trade War in His First 100 Days . U. S . Republican presidential nominee Donald Trump and Mexico' s President Enrique Pena Nieto give a press conference in Mexico City in August.

Tariffs on steel could have particularly negative impacts on Americans because the U.S. isn’t capable of producing the amount it needs, instead relying on 5 million tons of imported steel last year, according to the U.S. Commerce Department. Economists tell MONEY those tariffs, or a tax on an imported goods, implemented by Trump could increase costs for Americans on everyday items like cars and beer because U.S. companies.

“We’re going to have pay more for the goods that we buy and that makes us poorer. There’s just no question about it,” says Lawrence White, an economics professor at New York University’s Stern School of Business.

Trump’s new trade policy has been criticized by politicians on both sides on the aisle in the U.S. and around the world, where it took center stage at the recent G-7 Summit.

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Everyday Money . trump . Lots of Your Favorite Things Could Cost More if Trump Adds a 20% Mexican Import Tax.

What Is a Trade War ? Here’ s where it gets interesting. In response to the recent list of Chinese goods that Once the tariffs take effect, you might see prices go up slightly on everyday items like peanut butter If you ’re concerned about how the brewing trade war could impact your finances, talk to

Some Americans could also lose their jobs as companies with already slim margins struggle to make ends meet with rising costs thanks to retaliatory tariffs. For example, if Canada slaps a 25% retaliatory tariff on American whiskey, that means anyone buying American whiskey in Canada has to pay an extra 25%. If you are a U.S. whiskey company that sells most of its booze in Canada, you could potentially go out of business because Canadians may buy their whiskey from other sources — and American workers could lose their jobs.

Tariffs imposed by the E.U. could affect about $3.4 billion worth of essential U.S. exports including steel, bourbon, peanut butter and orange juice, according to the Associated Press. Mexico’s tariffs would similarly impact almost $3 billion worth of American products. In addition to Canada, Mexico and the E.U., China also announced it is imposing a 25% tariff on more than 100 products it regularly imports from the U.S. in response to Trump’s tariffs.

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The Trump administration is on more uncharted ground by basing the tariffs on national security concerns — Section 232 of a law enacted in the Cold War . [The New York Times]. The Tariffs Will Affect Prices Of Everyday Items . [CNN Money ].

Higher prices, layoffs, and economic nosedives: What Trump ’ s trade war could mean for you . More ominously still, the president is boasting that his tariffs will ignite a trade war That’s just one of the ways that everyday Americans may lose out as a result of Trump ’ s proposed trade action, which

The tariffs being imposed by the E.U., Canada and Mexico are expected to go into effect in July, while some of China’s retaliatory tariffs went into effect in April. Here are some of the most common American goods that other countries have proposed retaliatory tariffs on as a result of Trump’s ongoing trade war.

Canada

  • Chocolate
  • Whiskey
  • Maple syrup
  • Washing machines
  • Cucumbers
  • Sailboats
  • Roasted coffee

You can see a full list of the hundreds of U.S. products that could face tariffs in Canada here.

European Union

  • Peanut butter
  • Motorcycles
  • Cranberry juice
  • Denim
  • Corn
  • T-shirts

You can see a full list of the hundreds of U.S. products that could face tariffs by the E.U. here

Mexico

  • Apples
  • Blueberries
  • Pears
  • Sausages
  • Pork
  • Lamps

China

  • Soybeans
  • Cars
  • Frozen orange juice
  • Fresh beef
  • Frozen boneless beef and beef chops
  • Aircrafts

You can see a full list of the hundreds of U.S. products that could face tariffs by China here.

China's Media Calls Trump Delusional .
China and Trump are waging a war of words.President Donald Trump’s decision to impose tariffs on imports from China is a “symptom of paranoid delusions,” China’s state-run media announced Friday as the two countries ramp up their threats of a full-scale trade war.

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