What the U.S.-China trade war means for you

What the U.S.-China trade war means for you
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U.S. Dollar and China Yuan notes are seen in this picture illustration June 2, 2017. (REUTERS/Thomas White/Illustration/File Photo) The latest exchanges between the United States and China over tariffs and currency made clear that trade tensions between the world’s largest economies aren’t going away any time soon. In the span of a few days, President Donald Trump said he would soon impose 10 percent tariffs on $300 billion in Chinese goods; Beijing allowed its currency to weaken to an 11-year-low; and the United States fired back by labeling China a “currency manipulator.” Rattled investors sent stock markets Monday deep into negative territory, rushing to gold, bonds and other safe havens. On Tuesday, U.S. stocks rebounded from their worst day of the year after Chinese efforts to stabilize the yuan reassured nervous investors that a global currency war had not been declared. For the average person, the headlines may seem theoretical. But if the dispute drags on, there are real-life ramifications for workers’ wallets, including their savings, debt loads and spending power. Potentially higher prices Consumers might have missed the earlier rounds of tariffs on Chinese imports because they affected industrial materials and supplies that don’t show up on most shopping lists. But the 10 percent tariffs announced last week will raise prices on just about everything Americans buy — from smartphones and toys to shoes and furniture. The tariffs could cost the average household another $650 a year, according to estimates from Kathy Bostjancic , chief U.S. financial economist […]

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