Experts Say New Tariffs On Products From China Could Cost Average American Household $1,000 Per Year
NEW YORK (CBSNewYork) -- You might soon have to pay more to buy many common goods. New tariffs on hundreds of products from China went into effect over the weekend.
They include everything from clothes and diapers, to school supplies.
J.P. Morgan says it could cost the average American household $1,000 per year, CBS2's Andrea Grymes reported Monday.
New Rochelle mother Simone Semer was recently shopping with her daughter, Shaina, but she was worried outings like that one were about to get more expensive.
"As a mom, I feel like I already spend so much money on clothing. I have four kids and two of them are girls, so you can imagine. Yeah, this is definitely going to effect how much I spend on them," Semer said.
MORE: President Trump Arrives At G-7 Summit As Trade War With China Intensifies
It's all thanks to new tariffs -- or taxes -- the U.S. imposed on Chinese imports that began over the weekend. More than 120 pages of items, like clothes, pens, pencils, sports equipment, contact lenses, diapers and TV's, to name just a few.
"People are worried, but it's a bit early," said Stephanie Goldstein, owner of kids clothing store Stoopher & Boots on the Upper West Side.
Goldstein said she hasn't had to raise her prices -- yet.
"I know that some manufacturers have talked about how much of it can they eat, themselves, because they know that as buyers, we're cost-conscious," Goldstein said.
MORE: President Trump Retaliates In Trade War, Boosts Tariffs On Chinese Imports
The tariffs are the latest in the U.S. trade war with China. President Donald Trump, and other experts, have accused Beijing of predatory practices, like hacking American companies' computers. The president has also railed against America's trade deficit with the country.
He's trying to negotiate a new deal.
Trump tweeted about the tariffs over the weekend, writing in part, "Importers can find suppliers outside of China. Absolutely worth it. We don't want to be servants to the Chinese!"
Money from tariffs goes into the U.S. treasury. The president says he's giving a lot of it to American farmers who were hit hard by China's retaliation.
"I've given the farmers $16 billion and the farmers are very happy and they want me to continue this fight. They want me to win the fight and we're gonna win the fight," Trump said.
Another round of tariffs is expected to go into effect Dec. 15. That list includes toys and video game consoles.
