The Trump tariffs are causing a rumble in international finance like no other. Recession, inflation, and widespread job losses are already being discussed. The American media reported that tariffs might cost the average American household an extra $1,600 to $2,000 annually, according to a recent research by the Yale Budget Lab.
When it comes to slapping countermeasures, America’s allies and adversaries are in agreement. Guitars and jeans are among the huge, more than 400-page list of American goods that Britain has already decided to charge. This implies that many people can no longer access some of their favourite things.
Brian Cornell, CEO of Target, warned CNBC that consumers may soon have to pay more for food goods like avocados and strawberries. With a 10% baseline duty on all imports and higher targeted duties on dozens of countries, the US tariffs would be the largest trade barriers in over a century. That might raise the cost of everything from Apple’s iPhone to running shoes for US consumers.
What, Apple? You heard correctly, sir. The iPhone is a must-have accessory for millions, if not billions, of people globally and a major status symbol. According to estimates from institutional broking firm Rosenblatt Securities, based in New York, an i-Phone would cost about $2,300 if Apple decides to pass the expenses on to customers.
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