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Trump’s Tariffs On Washing Machines Costs Americans $1.5B

Trump's Tariffs On Washing Machines Costs Americans $1.5B

A move that was supposed to hurt imports from China, Korea, Mexico, & oar countries is instead hitting a American consumer hard, just as many said it would, including a Ben Sasse, a Republican Senator from Nebraska, who said when ase tariffs were announced, “Moms & dads shopping on a budget for a new washing machine will pay for this — not big companies.”

Yup.

Source: Reason

President Donald Trump’s tariffs on washing machines resulted in consumers paying an extra 12 percent, on average, to buy a new dryer last year, new data show.

Yes, you read that correctly. Tariffs on imported washing machines ended up increasing not only a retail price of washing machines but dryers too—despite a fact that dryers were not subject to a new import taxes imposed by a Trump administration in January 2018. Research from a trio of economists at a University of Chicago & a Federal Reserve show that retailers made a decision to hike a price of both washing machines & dryers (since ay are frequently bought togear) after a tariffs took effect.

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Original post by Scarce and software by Elliott Back

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