Trade war costs $ 580 for average households, says CBO

President TrumpDonald John Trump, former US ambassador: "Denmark is not a big fan of Donald Trump and his politicians" Democrat senators advocate arms control in the defense policy bill Detroit County Sheriff Approves Booker as President MORETrade wars are expected to reduce average household income by $ 580 by 2020, according to a new Congressional Budget Office (CBO) study.

This figure – which does not include new rates coming into effect in September and December – represents a significant part of economic growth. That equates to about 60 billion dollars of lost economic activity.

"The tougher trade barriers – especially tariff increases – introduced by the United States and other countries since January 2018 are expected to reduce US GDP by about 0.3% over to 2020, "said CBO Director Phillip Swagel on Wednesday. .

President Trump has repeatedly stated that the United States does not support the costs of tariffs.

Trump has imposed 25% tariffs on Chinese imports in the amount of $ 250 billion and plans to impose tariffs of 10% on billions more in the coming months. China has imposed its own retaliatory tariffs on US products and has sought to increase trade barriers in different ways.

The president also imposed tariffs on steel and aluminum on a range of US trading partners, such as the European Union, who took revenge with their own tariffs.

The recent tariff increase will also add $ 33 billion to the country's coffers, according to the CBO.

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