Three ways Trump’s move may affect you and your money
US President Donald Trump has announced fresh import taxes on goods being imported to America in the latest escalation of the global trade war.
The UK has been hit with a 10% tariff on all of its goods being brought into the US, which Trump says is a retaliation to UK tariffs on American goods, but uncertainty remains over the potential impact on British consumers.
Here’s how you and your money could be affected.
The tariffs Trump has just announced will be paid for by the businesses which import goods into the US.
Clarissa Hahn, economist at Oxford Economics, says this means that the initial impact of price rises will be on US consumers, as American firms are likely to pass on the extra costs to their customers.
Courtesy: BBC