Karen Jackson, Senior Lecturer in Economics, wrote an article for The Conversation discussing the effect of tariffs on imports in the US and China.
Her article explored how taxes on imports influence whether people feel richer or poorer due to the increase in cost. She goes on to explain how retaliation in the US-China trade war has resulted in an aggressive escalation of each country’s tariff measures and the negative impact this has had on businesses and consumers worldwide.
“Trump’s decision to extend the number of tariffs on Chinese imports in May 2019 made a number of final consumer goods liable for the new 25% duty, including toys, clothing and electronics. Now the effect of this measure is going to directly affect consumers.”