A new Congressional Budget Office report concludes that the tariffs associated with the current trade war with China will reduce household income in the U.S. by $580 in 2020.
Retailers including Washington Retail oppose the trade war for this and other reasons outlined in a Washington Research Council blog post.
Quoting from the CBO, the blog notes that tariffs raise domestic prices, reduce purchasing power and add uncertainty to businesses that can influence investment. Economic effects could wane beyond next year as businesses adjust their supply chains to mitigate for higher costs.
Click here to read the blog.
Source: Washington Research Council