President Donald Trump imposed sweeping tariffs on dozens of countries this week and that will result in significant price shocks to U.S. consumers, economists and analysts say. Everything from clothes to iPhones to homes to cars could be impacted—not to mention retirement accounts as result of a meltdown in the stock market. (Scroll down to see the list).
The Yale Budget Lab estimates that the average U.S. household will pay $3,800 more annually as a result of levies announced this week and earlier in the year, which include a 10% universal tariff along with specific additional tariffs for 60 countries that face higher rates under an unusual formula. These come in addition to earlier tariffs placed on Canada, China, Mexico, automobiles, and steel and aluminum tariffs. The U.S. economy at large could lose $100 billion to $180 billion annually.
