Without the new tariffs, the financial services firm estimated that the trade war will cost American consumers $600 per year.
In a report earlier last month, JP Morgan equity strategist Dubravko Lakos-Bujas and his team stated the Trump’s tariffs on Chinese products will have a significant negative impact on the “wallet of the US/consumer voter ahead of the 2020 election.”
China suggests U.S. faces a “bigger risk” of economic decline
On Sunday night, China’s Global Times published an editorial indicating that the “Trump administration shot Americans in the foot” with the new tariff.
The newspaper also suggested, “The US economy cannot sustain its superficial prosperity and is facing a bigger risk of decline. US GDP growth was 2.1 percent in the second quarter of 2019, 1 percentage point lower than the first quarter…When more and more Americans feel the pain, maybe it will be time for Washington to recover rationality.”
Meanwhile, President Trump told reporters on Sunday, “We are talking to China, the meeting is still on.” He reiterated, “We can’t allow China to rip us off anymore.”
