If you’ve been reading the news, you surely know a tad bit about the Game of Trades between the US of A and China. After President Trump announced a $200B increase in duties on Chinese imports, China retaliated with a $60B raise in tariffs.
The Trump Administration justifies the actions by elucidating the degree of China’s foul play in subsidizing its industries and disrespect towards intellectual property rights. Not only do these factors make life tough for US companies in the Chinese market, but the US Stock Market has fluctuated by jaw-dropping margins since then.
Let’s leave the economy aside for a moment and talk about how this war between the US and China impact we, the people.
Why the US-China Trade War Affects Me?
The increased tariffs will be passed down the supply chain, and it’s you, the consumer, who is on the receiving end of the supply chain. Even if the manufacturers and wholesalers try to absorb the blow to their fullest capabilities, the blotches would still stain the consumer’s wallet.
A big problem would be keeping up with those regular visits to the store—for most of that stuff on shelves has come from/through China. With a tariff war brewing up, it won’t be a surprise to see a considerate increase in shopping expenses.
The worst part is that these necessities are very much a part of our daily usage (toilet paper, for instance) and their purchases can’t be really stalled. So it’s not just about what is on the news and the Battle of President Trump and his keyboard (feat. Twitter), just like other international concerns, the US-China trade war impacts us consumers in a drastic manner—and it’s felt straight on the pocket.
What will the Trade War cost me?
There have been many trade wars between the US of A and other sovereign nations, but this one hurts the consumers from a point-blank range.
The increase in tariffs amidst the US-China Trade War can cost every American household more than $800 and will leave a $62B dent on the American Economy. This figure by Oxford Economics clearly puts the disastrous impact of the trade war into a clear picture.
The President believes that the tariff hike of 25% would make the American Economy look “much stronger”. But the real problem is that there are people out there who’ve got mouths to feed, and the flamboyant imagery of the Country’s strength might leave the Citizens high and dry till there’s a plausible breakthrough.
Snag these things before Prices shoot up
Various experts believe that now would be the right time to pad up your shelves with stuff like Hammers and Baseball Mitts. For the next month, the prices would surely go up due to the 25% increase in tariff on imports.
Here are some really crucial consumer-oriented commodities that are going to witness a price rise in the near future:
No matter how bad it is, but when the crap goes down, it is our responsibility to clean it up. Americans spend somewhat $6B on toilet paper throughout the year, and if you put the 25% tariff on it, that number raises up by quite a margin.
Chinese tech whizzes have led the innovation to transform the idiot box into Smart TVs, and consumers would have to pay the price alright. If you were planning to hang a flat-screen in your living room to kick off the Game of Thrones watch-a-thon, now would be the time to get a TV before the prices scale up.
If you were planning a living room upgrade and getting a couch was on your list, it would be wise to speed it up. The US-China tariff war will overshadow with a considerable impact on home and furnishing costs. Experts say that the trade war isn’t any good for the household market and furniture is another wrongly hammered nail on the clean wall (speaking of hammers, they’re about to get expensive too).
Phones & Laptops
China is the home of technological breakthroughs and there is not a single whiff of doubt in it. In fact, it is those top Chinese tech giants who have made technology a whole lot cheaper and affordable in the first place. With trade war and tariffs on the cards, it would be wise to buy that iPhone and Notebook right now or it might cost a whole lot more.
This is not just it—the complete list is 194 pages long and contains names of all the 6000-ish items that will be impacted by the tariff hike. It includes food, dog collars, Christmas lights and you guessed it—Tuna. Skim through it and search for your poison to see how bad it is.
But it’s not all bad…
Eh, who are we kidding! It is like ripping the band-aid off. The sooner we realize that the tariffs would actually help the USA negotiate better terms with the Chinese officials, this hindrance is just a minor setback.
But that is not what the American consumers think as for them, the impact of utilities is going straight out of their pockets.
The US-China Trade War might not be ending anytime soon (that’s what we said about the Shutdown) and it’s in your best interest to buy stuff at their regular price when it is available. Next time you hit the convenience store; don’t forget to stock up on the Tuna, Dog Collars and Christmas Lights.
Also, God Bless America and this trade war facade.