Washington, DC — President Trump's tariffs on Chinese imports continue to fluctuate wildly from day to day, even as China retaliates with its own tariffs on U.S. imports and suspends exports of crucial raw materials.
Fears of runaway inflation, rising unemployment, supply chain problems, looming recession and overall economic chaos for business owners and consumers has Wall Street in a panic. Even if you're not invested in the stock market, one current study projects a trade war with China could cost the average American household as much as $5,000 this year alone.
This uncertainty will have wide-ranging consequences depending on geographic location and economic sector. You can determine how Trump's trade war with China affects you by using the following algorithmic formula: