Wilbur Ross: Trump's new China tariffs will increase prices but 'nobody is going to actually notice'
Source: CNBC
The Commerce secretary concedes prices in the U.S. will increase as a result of the new China tariffs put in place by President Trump.
However, Ross says they will be "spread across thousands and thousands of products" and "nobody is going to actually notice it at the end of the day."
Matthew J. Belvedere | @Matt_Belvedere
Published 4 Hours Ago Updated 3 Hours Ago
Commerce Secretary Wilbur Ross concedes that prices in the U.S. will increase as a result of the new China tariffs put in place by President Donald Trump.
However, Ross told CNBC on Tuesday, "Nobody is going to actually notice it at the end of the day," because the hikes will be "spread across thousands and thousands of products."
"If you have a 10 percent tariff on another $200 billion, that's $20 billion a year. That's a tiny, tiny, tiny fraction of 1 percent [of] inflation in the U.S.," Ross said.
The Trump administration on Monday announced tariffs of 10 percent on another $200 billion worth of Chinese imports, rising to 25 percent at the end of the year.
Read more: https://www.cnbc.com/2018/09/18/wilbur-ross-nobody-to-notice-price-hikes-from-trump-new-china-tariffs.html?&qsearchterm=wilbur%20ross%20says
Eliot Rosewater
(31,112 posts)iluvtennis
(19,861 posts)Meadowoak
(5,546 posts)Still raise the price 25% to be competitive.
Frequency Kenneth
(78 posts)The rest of us will be painfully aware.
turbinetree
(24,703 posts)your orange hair traitor did this...............so that you can bag the money, and send it to the Cyprus Bank and the Russian Mafia ..................your still an enabling LIAR....................POS.................
matt819
(10,749 posts)for the fact that Americans are going to spend well over $20 billion on stuff that they didn't have to spend $20 billion on previously. Sure, individual Americans may not notice, but collectively the impact on the economy, and on the health and safety of Americans, will e considerable.
Javaman
(62,530 posts)the rich repukes, who this is aimed at, won't notice anything. the poor repukes are too stupid to put two and two together and claim higher prices are great!
Paladin
(28,262 posts)Freethinker65
(10,023 posts)Especially consumers on a budget.
I already buy less crap than I did before the last recession and I will never return to my old spending ways. More people will realize they can live without the latest updated gadget/product. Good luck getting those consumers back when Trump suddenly and miraculously exclaims his tariffs were a success and decides to repeal them.
bucolic_frolic
(43,173 posts)Raise prices whenever you think you can. This week, I have seen:
a white cake, roughly the volume of 2 cupcakes, plopped on a white backing, piled with white icing then black icing used for eyes, long spider legs on the backer board, and covered by plastic dome. This is sold as a "Halloween Cake". Price: $4.49
Close out bins are notorious. What sold for $1.98 is now $5.00 because they seem to think people either don't know, or are afraid the item can't be found anymore.
Also, shelf prices are lagging price at the register. Pay attention to this one. Big retailer has no system for tracking this. If you complain, they ask you the price on the shelf, and sell it to you at that price. No one checks. Go back the following week? Shelf price remains the same, price at register still elevated.
Crooks abound. Beware.
lagomorph777
(30,613 posts)Oh, Wilbur. You are so delusional. Go back to your nap until November 7th.
Wellstone ruled
(34,661 posts)went through this with Cheney-Bush for some 3-4 months shortly after they took power. Stock market answer them with a major sell off,the Bankers went nuts and the Chamber of Commerce told them to ditch it now and not latter.
Remember,everything that Target and Wal Mart sells that is not manufactured here,is coming in Containers from some China Port and those Containers are on the Water for weeks. Watch for the lid to blow off this can withing days.
SWBTATTReg
(22,130 posts)He's nothing but a bigly con artist, as his former partners will testify.
Scumbag.
Cicada
(4,533 posts)BumRushDaShow
(129,059 posts)displacedtexan
(15,696 posts)Of course, we remember. Wilbur is a lying asshole.
roamer65
(36,745 posts)They are no different than a sales tax of 25 percent. I dont see any states looking to increase their sales tax to 25 percent.
HeiressofBickworth
(2,682 posts)I haven't been able to determine if my blood pressure med is made in China, but I noticed a HUGE difference in price when I renewed it this week.
I get a 3-month supply. In the past it was $26. When I refilled the prescription the price was $60 !!!!!
Yup, Sr. Citizen, fixed income, and my property taxes are going up again next year. There is just no way to stop this inflationary cycle.