Trump increased tariffs on more Chinese products to 25%—here's what could get more expensive (via CNBCMakeIt)
Overall, the trade war could hit the U.S. economy hard,, a tax policy think tank. It found that if all tariffs announced so far were fully imposed by the U.S. and foreign countries including China, GDP would fall by $187.9 billion in the long run, "effectively offsetting almost one-half of the long-run impact of the Tax Cuts and Jobs Act."What consumers can do in response to tariffs depends largely on what their needs are.
"I think we have to slow down and really understand the difference between something we want and something we need," best-selling author and personal finance expert Chris Hogan toldwhen the Chinese tariffs first went into effect. "Upgrading a TV from a 50-inch screen to a 60-inch — that's not a need, that's a want."
How long you'll wait for prices to come down is unknown. Experts, including Hogan, predicted that the trade negotiations would be settled by now. That hasn't happened.
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