GREENSBORO, N.C. — You might've heard a lot about a trade war between the U.S. and China - and new tariffs because of it. It can be confusing to understand.
But you need to know, this does impact you. It'll especially impact how much you pay for things. Ignore the dollar amounts you've been hearing and just focus on the basic facts of what's happening.
Today, China said it's putting a tax, or tariff, on things made in our country then shipped to China. It includes beef, coffee, salmon, flowers and soybeans. It's in response to the white house putting tariffs on things made in China that are shipped here.
That includes steel, office furniture, handbags, and ceramic tiles. The taxes don't go into effect until June 1st. That would give both countries time to continue talking about their trade relationship and potentially ending these tax threats.
So how do increased taxes on goods impact you? The taxes will lead to higher prices for the things you buy. Some economic experts believe they could cost a family of 4 about $767 a year.
President Trump has threatened to raise tariffs on even more Chinese goods, which would lead to more of an impact on you and your family about $2,300 a year.
Economists believe the tariffs could also cost the economy more than 2 million jobs. If you'd like to read more about this situation, we've got a complete story in the nation world section on our website.