By now I’m sure you have heard something about the trade war between the United States and China, along with the imposed tariffs. What you may not know is how these tariffs could potentially affect the public if this trade war continues.
Some business owners have felt the impact of this trade war since the start. Many US soybean farmers, breweries and some equipment retailers have seen sales sharply decrease or significant delays in delivery in expected shipments. Other businesses have delayed their openings because, in many cases, there is a huge reliance on Chinese production to American businesses. As a result, some companies have also imposed a hiring freeze since they can’t adequately get some of the products they need from China.
The public as a whole hasn’t experienced much of an issue due to the US-China trade war, but if this war persists beyond this month, we can expect to see price increases to things like automobiles, headphones, musical instruments, musical equipment and beer, along with a host of other potential goods.
What is the solution? Pray that the trade war is resolved shortly because things could get really ugly if it persists. Remember, most media outlets will attempt to downplay the impact of an elongated trade war. Keep an ear out for any updates on the progress of the US-China trade war.