Trade War Will Hurt American Shoppers

Negotiations with China are still ongoing, setting American consumers up for burdensome price hikes this summer. China said they will raise tariffs on $60 billion in U.S. goods on June 1 in retaliation for the Administration’s decision last week to raise duties on Chinese goods.

Food products such as honey, peanut oil, and some alcoholic beverages will see immediate price increases. If you’re looking to do any home improvements, expect to see higher costs for bricks, panels, floor tiles and tools used for milling or drilling. That family camping trip is going to cost more as well, sleeping bags, rubber boots, and walking sticks will also see the effects of tariffs. Those who prefer to spend the summer days indoors will see price hikes for televisions, headphones and other audio equipment. In fact, experts are calling these tariffs one of the largest tax increases in 25 years.