The average American family will be paying about $460 a year as a result of the Trump administration's trade war with China, according to analysis reported by The New York Times on Sunday.
In an effort to achieve reciprocal trade with China, while challenging forced technology transfer and intellectual property theft, President Donald Trump has increasingly levied tariffs on imported goods, most recently a 15% tariff on billions of dollars' worth of Chinese goods bought by American households.
The per-family cost of $460 was estimated by economists, University College London's Kirill Borusyak and London School of Economics' Xavier Jaravel, according to the report.
Using consumer cost data from 2015, they estimate the range of increased prices on American families will be from $340 per year for the poorest families up to $970 per year for the wealthiest, according to the report.
"Some toy you see in Walmart may go from $20 to $25," Columbia University economist David Weinstein told the Times. "Any one of these purchases won't break the bank."
By years end, almost everything imported from China is expected to have a tariff, per the report.
Thus far, including the tariffs already imposed on China, Mexico, Canada, and Europe, the trade wars have cost American families $250 per year, the analysts reported to the Times.
Other estimates have been far higher, as much as $1,000 already, before the coming tariffs this fall, according to the Times.
Ultimately, the projections cannot account for U.S. companies choosing to import those China's products from other countries not exposed to the tariffs, the analysts noted to the Times.
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