Worried about the impact of tariffs on your wallet? Here's what to expect investinyou (In partnership with acorns.)
If not, you may have to make some choices about the products you buy and your budget, thanks to the
on Chinese goods that went into effect earlier this month, as well as the duties set to hit in December.on thousands of household products such as clothes, sporting goods and shoes. "These tariffs mean a reduction in consumers' real purchasing power," said Katheryn Russ, a University of California, Davis, professor of economics and specialist in international trade. "So, the amount of stuff you can buy with a given amount of money, say $100, is going to be a little bit less."
Savvy consumers may be looking to buy expensive items early before existing tariffs work their way through the supply chain and more take effect toward the end of the year.The September levies, which are 15%, apply to roughly $112 billion of Chinese imports. On Dec. 15, the administration of President Donald Trump is set to impose another round of 15% tariffs on about $160 billion of imports.
This group of tariffs is different from previous ones because they specifically target consumer goods, rather than intermediary goods that firms purchased, Russ explained.
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