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As trade tensions between the U.S. and the rest of the world escalate, expect to take a hit at the cash register.
“A tit-for-tat trade war has erupted and American families are caught in the middle,” Matthew Shay, the president and CEO of the National Retail Federation, said in a statement. Shay also called tariffs "taxes on consumers. "
In the latest clash between Europe and the U.S., the Trump administration announced it would on the European Union, and .
The EU responded to duties on steel and aluminum with retaliatory tariffs on more than $3 billion worth of U.S. goods including playing cards, peanut butter and orange juice.
The president previously approved tariffs on flat-screen televisions, solar panels and some household appliances, like dishwashers and washing machines.
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:
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.
“At a time where wage growth has been pretty limited, every dollar counts and price inflation means fewer dollars consumers have left to spend somewhere else,” said Greg McBride, the chief financial analyst for Bankrate.com.
Price inflation will also take a toll on consumer confidence, he added, even though Americans now feel more optimistic about their economic prospects than they have in a long time.
“The widespread instance of tariffs is something that could become a headwind to the economy,” McBride said.
The shows that for the first time since Trump took office, the majority of Americans approve of his handling of the economy.
Still, "higher prices for everyday essentials and lost jobs threaten to sap the energy out of the strong U.S. economy just as most Americans are starting to enjoy the benefits of historic tax reform," said the NRF's Shay.