Tariffs will cost the average US household $1,277 this year, new report says
Trade disputes will continue to cost American households this year even as tensions ease, according to new government projections.
The estimates come just weeks after the Trump administration signed an interim trade agreement with China, which kept tariffs on thousands of products.A series of trade disputes between the US and other major economies will continue to cost American households this year even as tensions ease, according to new projections from a nonpartisan government agency. this week, the Congressional Budget Office said tariffs are expected to reduce average real household income by $1,277 in 2020.
Trump has separately escalated other economic disputes in recent months, including through renewed threats to slap tariffs on imported vehicles.
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