UPDATED: Your Money Is On The Line

UPDATE: China Pushes Back

China will set new import tariffs to begin 1 June 2019, ranging from 5 percent to 25 percent on 5,140 U.S. products, worth some $60 billion.

Today, Friday, 10 May 2019, Donald Trump increased tariffs on $250 billion of Chinese imports to 25 percent from 10 percent.

Call it tariffs, import duties or trade strategy – or call it, While taking a huge dump this morning in the White House I tweeted the most best biggest business idea ever in the history of ideas –  IT’S STILL A 25 PERCENT TAX INCREASE ON THE AMERICAN CONSUMER!

Here’s how this will hurt American families:

Walmart: From knives and forks to shampoos and soaps to refrigerators and handbags, and a whole host of household staples, Walmart said the 25% tarriffs will be a “serious burden” on lower-income families. Added Walmart: “Either consumers will pay more, suppliers will receive less, retail margins will be lower, or consumers will buy fewer products or forgo purchases altogether.”

Target: Prices on (Chinese-made) American staples such as lipsticks, makeup, suitcases, vacuum cleaners all will increase.

Lowe’s: Hammers, screwdrivers, woodworking equipment, lawnmower parts and more home improvement products (from China) will go up.

Apple: Going up – Everything from computers to smartphones to watches to headphones.

Nike, Under Armour: If you walk, run, play sports of any sort, you will be paying more to do so. (The U.S. last year imported some $11.4 billion of Chinese-made footwear). Enjoy your morning walk.

And this, obviously, is only a partial listing.

Trump also ‘floated’ the possibility of extending a new 25% tariff on another $325 billion of imports not already covered.

Now we just have to wait for China’s response. Hold on (to your dollars and cents).