President Donald Trump has claimed multiple times that Americans aren't the ones footing the bill for his trade war; it's China. It's unclear where exactly they came up with that conclusion, but it's a false one.
The 15 percent U.S. taxes apply to approximately $112 billion of Chinese imports, ABC News explained in a Sunday report. "All told, more than two-thirds of the consumer goods the United States imports from China now face higher taxes. The administration had largely avoided hitting consumer items in its earlier rounds of tariff increases."
A study by J.P. Morgan that researched the issue before Trump's tariff increase, outlined that the average cost that will be passed on to American consumers will be around $1,000 annually for each household.
The New York Times cited a different examination by economists Kirill Borusyak at University College London and Xavier Jaravel and at the London School of Economics. According to their findings, each family will spend over $460 on average for each family. An average doesn't take into account families that purchase large and expensive products like cars or electronics, The Times graphs revealed.
[caption id="attachment_1539155" align="aligncenter" width="615"] Impact of Trump tariffs on rare purchases, according to the New York Times data[/caption]
"Across the income spectrum, the tariffs may cost up to $970 for America's wealthiest households and as low as $340 for its poorest. These estimates include tariffs enacted so far as well as proposed increases for later this year," The Times cited the London economists.
This does not take into account the president's 25 percent tax increase on a different group of $250 billion of Chinese imports that are scheduled to increase to 30 percent on Oct. 1.
There's also an additional increase that will occur on Dec. 15. Trump told the public that he didn't want his tariffs to hurt "Black Friday" and other holiday-related spending. If Trump's tariffs weren't being paid for by Americans, it's unclear why he would need to hold off his tariffs until after the holiday shopping season.