The Office of the U.S. Trade Representative released a list of products that will be subject to additional tariffs. Here are some of the consumer-related goods on the list:
- Water filters
- Parts and accessories of printers
- Copying machines
- LEDs for backlighting of LCDs
- Radio receivers
Trump said on Twitter that "trade must be fair and no longer a one way street" and "in the end it will even out."
But in the meantime, if other countries buy fewer of products from the U.S., like orange juice, because of the higher costs as a result of new tariffs, that may mean more inventory and slower sales for farmers and producers here, which will cost jobs in the long run.
On the flip side, U.S. companies dependent on imported aluminum and steel — say for the production of cars, appliances and canned food or drinks, like soda and beer — will have to absorb the higher costs somehow, which could also mean layoffs or price hikes on finished products down the road, according to Michael Salerno, lead director of global banking at First National Bank of Omaha.
There will be some lag time, Salerno said, as companies grapple with the challenge, but it could translate into “higher prices at the register around the holiday season.”
One estimate puts the effects of this trade conflict at 250,000 in lost jobs and $210 in higher costs for an average family.