Trump forces Americans to pay $1.5 billion more for washing machines
Americans are paying a tax of about $100 on every washing machine they buy, thanks to a tariff Trump imposed last year — which adds up to Americans spending about $1.5 billion more than they need to every year for washing machines alone, NBC News reports.
A study released earlier this month, conducted by researchers from the University of Chicago and a member of the Federal Reserve, showed companies are raising their prices by as much as 17% in response to Trump's new 20% tariff on imported washing machines.
"The costs of these 2018 tariffs are substantial," the report states.
While Trump promised his tariff would spur job growth domestically, the report shows that only about 1,800 jobs were created — which means each job created cost American consumers $817,000.
In his public statements, Trump has falsely claimed that other countries pay the cost of his tariffs. In reality, companies either absorb the cost or pass it on to consumers.
The analysis on washing machines is in line with other studies showing Trump's tariffs having a negative impact on families across the country. Those studies showed Americans are paying up to $3 billion more every month because of tariffs Trump has imposed on various products.
Even some Republicans acknowledge that this amounts to a tax on American families.
South Dakota's Republican governor, Kristi Noem, a Republican said her state has been "devastated by the trade wars that are going on." Sen. Chuck Grassley (R-IA) said that "jobs, wages and communities are hurt every day these tariffs continue."
Trump's incompetence in economics, especially global economics, is so vast that the former chair of the Federal Reserve, Janet Yellen, bluntly said that Trump doesn't understand what is going on.
Costs are piling up for Americans now, and the future looks even bleaker if Trump continues down this path. A study from the Chamber of Commerce shows Trump's trade policies could cost the economy $1 trillion over the next decade.
Trump's tariffs are jacking up the price of washing machines — and families across America are the ones getting hosed.
Published with permission of The American Independent. Attribution: Dan Desai Martin.