We will have taken in close to $1Trillion in 12 months in tariff revenue.
I will bet you there will be no effect on inflation.
Most think that tariff is priced on $200 Nike shoes (whatever the retail is). Tariff is charged on the wholesale price. Using slave/child labor in China, I bet it's less than $20 to produce a Nike shoes. 30% on $20 is only $6. How many Nike shoes do you buy in a year. Skip a McDonald lunch and you got it covered. Not to mention the Chinese government will devalue their currency to drive the price down further. Speaking of McDonalds, Californians in fast food industry has lost thousands of employees. Thank you $20 minimum wage. Good intentions does not always mean good results.
I am not into 'politics' but I am into 'math'. Some idiot is spewing that inflation is 'up'. We're not interested in 'inflation' going up. It will always go up. I've had to deal with several contracts that has escalator clause on the revenue side based on CPI's and any other government metrics are out there. It's the rate of increase that's our concern. Simply to proclaim "it went up by 0.1% is NOT relevant.
My life will be perfect if JH gets us some help within a week. I'll young people figure out the world they want to live in.......my group of friends are just living out the dream......playing golf, traveling and going to doctors.