(NPR) — The prices of many goods — from floor lamps to canoes and bicycles — are slated to go up as the Trump administration makes good on a promise to raise tariffs on $200 billion worth of imported Chinese products.
The latest round of tariffs on Chinese imports is expected to hit more products U.S. consumers actually buy, and businesses say they have no choice but to pass the added costs on to consumers.
With trade talks between the U.S. and China yielding no deal, consumers and the businesses that serve them say they're bracing for bigger ripple effects.
Retailers, manufacturers, small farmers and multinational conglomerates are united in their concern about the potentially damaging impacts of additional tariffs to their businesses and their consumers.
China took measures to counteract the effect of those price increases. In addition to imposing its own tariffs on U.S. imports to China, the country devalued its own currency. That had the effect of making Chinese products cheaper, relative to the U.S.
This latest round of tariffs will add another $500 a year in costs for the average American household, says Katheryn Russ, an economics professor at the University of California at Davis. And that could grow. President Trump has pledged to broaden tariffs even further to all Chinese imports — including big-ticket items. “Once the tariffs go onto cellphones, I mean then you're going to see people scream,” she says.