Consumers to bear brunt of US tariffs
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1 month ago

Consumers to bear brunt of US tariffs

China Daily  

By BELINDA ROBINSON in New York | China Daily | Updated: 2024-11-18 09:21 US President-elect Donald Trump speaks during a meeting with House Republicans at the Hyatt Regency hotel in Washington, DC on November 13, 2024. Under Trump's plan, US citizens could lose between $46 billion and $78 billion in spending power per year on products like clothing, toys, furniture, appliances and travel goods, the National Retail Federation said. Tiffany Smith, vice-president of global trade policy for the National Foreign Trade Council in Washington, DC, told China Daily: "New and expanded tariffs will harm working families." Zichun Huang, a China economist at Capital Economics, a business research group, wrote in a recent note: "Trump's return could create a short-term boost to Chinese exports as US importers increase their purchases to get ahead of the tariffs." Trump's advisers recently met with Republican Jason Smith, chair of the US House Ways and Means Committee, to discuss how a tax package could be partially paid for by tariffs, according to Politico.

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