Year 12s: what will be the first way you research your future options? >>

Trump's anti-China sanctions are costing each American $831 every year

In a calculation made in May, the New York Federal Reserve estimated that tariffs imposed on Chinese imports were already costing the average American household $831 a year because of their direct effect on prices and their impact on economic efficiency.

China put into effect retaliatory measures yesterday which will hit $3.2 billion worth of US soybean exports, $2.55 billion worth of crude oil and $1.16 billion of pharmaceutical products.

A commentary published in the official Xinhua news agency after the tariffs went into effect indicated Beijing is ready for the long battle.

“China’s determination to fight against the US economic warmongering has only grown stronger and its countermeasures more resolute, measured and targeted,” it stated. One thing that “White House tariff men should learn is that the Chinese economy is strong and resilient enough to resist the pressure brought about in the ongoing trade war.”

https://www.wsws.org/en/articles/2019/09/02/usch-s02.html

Reply 1

fallen_acorns

Its a doomed battle for the Americans. The more it hits the wallets of their customers, the more people will complain, and the more a new potential leader will see political advantage in cancelling it all and earning political capital out of how much money they are saving...

Mean while, it makes no difference in China how much money its costing each person.. even if it were more than its costing the average american (its definetly not), it still wouldn't make a difference, the Chinese goverment could sit on this for decades and not have to worry about its effect on the individual citizen.