The Dow Dropped 98 Points Because Tariffs Might Finally Hit Home

Unlike the previous tranche of levies imposed since last year, the latest round will mostly target popular consumer products, including cellphones, laptops, apparel, and toys. “Trump’s announcement about additional tariffs on Chinese goods will hit American consumers the hardest,” David Clement, North American affairs manager of the Consumer Choice Center, said on Thursday after the announcement.

“Given how interconnected the two economies are, it is ultimately American consumers who are going to be footing the bill for these new tariffs. Legislators need to better understand that tariffs on foreign products end up being a new tax for domestic consumers. Simply put, tariffs are taxes,” Clement said.

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