Trade war escalation ‘to cost households £656 a year’
The average US household will be left $831 (£656) worse off as a result of the latest hikes in tariffs on Chinese goods in the nations’ trade war, according to economists.
The New York Federal Reserve released its calculation hours after president Donald Trump revealed a further $16bn (£12.6bn) aid package for US farmers hit by the conflict to date – with soybean and beef producers among those feeling the worst losses to date.
The sum was on top of $11bn (£8.7bn) in compensation agreed last year after the trade war escalated.
Earlier this month, the White House accused Beijing of reneging on earlier promises, scuppering hopes of a deal.
It immediately retaliated by imposing 25% tariffs on $250bn in Chinese imports – the charges rising from an earlier figure of 10%……..read more
Source: Sky News