A new report from the National Retail Federation (NRF) estimates that adding tariffs to imported household goods from China, including apparel and footwear, would cost US consumers $240 per household, or a total of $31bn overall. The cost of apparel could increase by 2% and footwear by 5%, with low-income households being the most affected. The NRF warns that these price increases could also impact efforts to curb inflation. The US Trade Representative is currently reviewing Section 301 tariffs against China, with the apparel sector's response being mixed.
Frequently Asked Questions
Q: How much could US tariffs on Chinese imports cost US consumers?
A: Based on the information available, no specific source states that US tariffs on Chinese imports could cost US consumers $31 billion. However, various sources indicate the impact of US-China trade tensions, including tariffs, on US consumers.
Q: Which sources can provide insights into the impact of US tariffs on Chinese imports on US consumers?
A: The following sources provide insights into the impact of US tariffs on Chinese imports on US consumers:
- - IMF blog post titled "The Impact of US-China Trade Tensions" (Source: IMF)
- - Tax Foundation article mentioning potential additional tariffs on Chinese imports (Source: Tax Foundation)
- - American Action Forum's research report focusing on President Trump's tariffs on consumer goods (Source: AAF)
- - New York Times article discussing how American businesses and consumers are affected by President Trump's tariffs on Chinese goods (Source: New York Times)
- - Carnegie Endowment's article discussing the impact of Trump's tariffs on the US job market (Source: Carnegie Endowment)
- - NBER digest mentioning the protective effect of tariffs on imported goods (Source: NBER)
Q: Is there any specific confirmation on the $31 billion cost to US consumers?
A: Based on the information provided by the sources, there is no specific confirmation regarding the $31 billion cost to US consumers. However, the sources do provide insights into the overall impact of US tariffs on Chinese imports and the trade relationship between the two countries.