Trump is raising your taxes today via YahooFinance
With far less fanfare than the tax cuts President Donald Trump signed into law in 2017, a series of tax hikes goes into effect today on thousands of everyday items imported from China.
Trump has already imposed 25% tariffs on about $250 billion worth of Chinese imports, but those are mostly component products consumers never see. Those tariffs have led to some price increases, with some importers also taking a hit through lower profits. In some cases, Chinese suppliers have lowered their own prices to offset the tariff. Importers have also begun seeking new suppliers outside China, to avoid the tax.
The tariffs hitting today will apply to thousands of products sold at Walmart , Target , Best Buy , Home Depot , Ikea, Amazon and other retailers. Here are some of the main product categories subject to the new tax, according to Panjiva: Most economists say the Trump tariffs alone aren’t enough to cause a recession. But they’re probably slowing overall economic growth. And the latest consumer-sentiment survey by the University of Michigan showed a big drop, largely due to the escalating trade war.
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