AmersR (Amy Rushia) 🇺🇸 🏳️‍🌈 🇺🇦 🎉

The prices of groceries and other products expected to increase under the returning Trump regime's proposed tariff policy. In addition USians will have to pay $1,700 in increased taxes per year. U.S. retailers that depend on foreign suppliers have announced they will pass along the cost of Trump's proposed import tariffs to consumers, leading to higher prices for a range of products. USians are expected to lose between $46 billion and $78 billion in spending power each year on products including apparel, toys, furniture, household appliances, footwear and travel goods. Trump plans to impose a 60% tax on goods from China and a 10% to 20% levy on all of the $3 trillion in foreign goods the U.S. imports annually. Such sweeping tariffs would reignite inflation, as they would mostly be paid by U.S. consumers. "A tariff is a tax paid by the U.S. importer, not a foreign country or the exporter. This tax ultimately comes out of consumers' pockets through higher prices." "These policy steps would amount to regressive tax cuts, only partially paid for by regressive tax increases," and cost a typical middle-income household about $1,700 in increased taxes a year," The proposed tariffs would shift tax burdens from the wealthy to lower-income USians. 1. nrf.com/research/estimated-i… 2. cbsnews.com/news/yellen-spee… 3. cbsnews.com/news/trump-victo…