Who pays for Trump's new tariffs?
CBS America · Recent
CBS America
Recent
Imported furniture, kitchen cabinets and lumber will now be subject to new tariffs. The duties, which range from 10% to an ultimate level of 50% on some goods, are part of President Trump's effort to boost domestic manufacturing. But economists warn they will raise housing and furniture costs as well as the costs of renovations, slowing construction work.
Breakdown
- New tariffs on imported furniture, cabinets, and lumber have been implemented. 10s
- Tariff rates range from 10 to 50 percent, aiming to boost domestic manufacturing. 15s
- Economists say Americans pay most of the tariff costs, not foreign exporters. 37s
- Private sector data shows rising unemployment and increased layoffs. 1m 22s
- Federal Reserve officials are closely monitoring the weakening labor market. 1m 54s