Will the recent tariffs affect the average consumer?
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A Washington libertarian think tank tells you what you need to know.
Clark Packard, trade expert with the Cato Institute describes the economic effects of tariffs on those that rely on imports from Canada, Mexico and China.
“For an American family, you’re looking at about a $1,200 a year increase in just everyday items because what we’re talking about is tariffs on imports from three of our largest trading partners,” said Packard.
So, when will consumers start to feel the effects of the tariffs?
“I think it just depends on the product and how quickly supply chains can adjust,” said Packard.
Packard says Global tariffs on additional levies from imports from every country around the world are set to take place next month.
He doesn’t see how the tariffs will help.
“I’m really skeptical that, that anything positive can come from these tariffs,” said Packard.
Why?
Packard says that it will take at least a “couple of years” to get new manufacturing up and running and he doesn’t think the American public has the patience to deal with the long-term financial pain the tariffs will cause.
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