President Donald Trump’s trade war with China and his pronouncements about tariffs have been rocking the stock market and investors.

Now, with a 15% tariff on $109 billion in Chinese imports taking effect September 1, and an additional $155 billion in goods scheduled to be subject to the same 15% levy on December 15, the hit to consumers is becoming all too apparent. (Those new rounds are in addition to a 25% tariff–that Trump has said will rise to 30% on October 15—on another $250 billion in Chinese imports.) 

In a letter to clients last week, JP Morgan estimated that as the prices on common goods imported from China rise, the tariff war will cost households an average of $1,000 annually. Though the first round of tariffs on things like clothes, food and condiments go into effect in September, there’s still time to purchase other goods before their prices’ climb. Indeed, Trump said he chose to delay those tariffs until mid-December “for Christmas season, just in case some of the tariffs would have an impact on U.S. customers.” 

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