Listen Now: Looming Trade War: Stock Up on These Big Ticket Items Now
A war is in the works, and the biggest casualty could be your wallet.
Earlier this month The White House raised tariffs on thirty four billion dollars worth of Chinese goods. As promised China responded by raising tariffs on about thirteen hundred American products set to go into effect in early June.
While The White House argues the global trade system is broken and the president wants to fix it; a group led by the national retail federation says this back and forth will do real harm to U.S. businesses, workers and consumers.
For starters, any cars built overseas or in Canada and Mexico could end up costing more if the carmaker adds the new tariff to the price tag. And they can do it. The companies will have to foot the bill for the increased tariff and there is nothing stopping them from passing that cost on to you the consumer.
Some other items expected to cost more include jeans, frozen food and alcohol. Experts are advising people to make big purchases now, this year’s Black Friday might not save you much.
CBS News Radio national business journalist Brian Banmiller has spent more than 40 years in the news industry, covering business, politics and the economy on television, radio and in print. Currently, his “Banmiller on Business” reports are delivered to an audience of millions nationwide.
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