US EditionTrump's tariffs: How American families, parents will be impacted
- President Donald Trump's implementation of stringent trade tariffs targeting China and several other major trading partners in 2024 has raised expenses for American households and affected both the national economy and the energy industry.
- This trade strategy led to growing fears of inflation, economic slowdown, and trade instability, causing major organizations like the IEA and OPEC to downgrade their oil demand and growth forecasts for 2025 and 2026.
- Consequently, oil prices have fallen, with investment banks lowering forecasts—Goldman Sachs predicts Brent at US$58 per barrel in 2026 while others remain cautiously optimistic amid ongoing market uncertainty.
- The tariffs also raise household expenses by an estimated $4,900 to $7,700 annually due to increased costs on essential items like baby formula, diapers, and children's safety products, many of which depend on imported components unavailable domestically.
- These developments suggest Trump’s tariff policies continue to strain the U.S. Economy and consumer markets, prompting calls from industry groups and lawmakers for tariff exclusions to mitigate impacts on families and critical product supply chains.
12 Articles
12 Articles
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