Finance Professor Justin Wolves from the University of Michigan said the cost of living is also expected to grow by 6%
The duties announced last night by Donald Trump It is estimated that they will cost every US household $ 5,000 a year, causing a huge blow to the families of workers and the middle -classhe told CNN economist.
Professor of Economics Justin Wolves from the University of Michigan said the cost of living is also expected to increase by 6%as businesses pass costs to consumers.
“This will raise prices almost automatically,” he said.
“It is something that will particularly hurt workers and the middle class of Americans. And so we’ll see pain very soon, “the professor added.
Wolves said that poor countries, such as Papua New Guinea and Fiji, would suffer from “harmful consequences”, and called Trump’s “bad” duties.
The rich economies, meanwhile, seem to be united to counterbalance, leaving the US alone. “The only thing President Trump has done is to isolate Americans from the rest of the world economy,” he said.
He also said that it is nonsense to imply that Trump’s duties are reciprocal, as most industrial economies impose low duties.
“This plan will make the United States by far the heaviest duty -maker, industrialized nation in the world,” he said.
Damage to pocket directly
Speaking earlier to CNN car owner in Pennsylvania reported that the increase in prices in vehicles It will hit the pocket of American consumers “so fast and tough that even the most affluent customers will not be able to cope with the increase”.
The US is expected to impose 25% duties on all foreign cars. The move aims to turn Americans into the country’s automotive industry, but local car dealers warn of price rise.
The announcement of duties also raised concern to allies exporting cars to the US, including Japan and South Korea.
David Kelehere, president of David Auto Group, said a $ 30,000 car can rise to $ 37,500, which means that his customers will be required to pay $ 175 more a month.
“Our clients … are middle -class people. They cannot afford this type of surcharge, “Kelehher said on the US network.
Source: Skai
I am Janice Wiggins, and I am an author at News Bulletin 247, and I mostly cover economy news. I have a lot of experience in this field, and I know how to get the information that people need. I am a very reliable source, and I always make sure that my readers can trust me.