Tariffs could costs households $2,600 more a year
EL PASO, Texas (KVIA) -- Tom Fullerton, an economic professor at UTEP, tells ABC-7 you could be spending $1,600 to $2,600 more a year on your household if stay in effect.
"It's a serious amount of money and it's largely unnecessary. A lot of families are going to take it to the chin and come in at a time when consumer indebtedness is at historically high levels," said Fullerton.
He says by next week you could see your grocery bill rise.
In his address to Congress President Trump said "“There’ll be a little disturbance. He added, "But we’re OK with that. It won’t be much.”
Professor Fullerton says no one is a winner when it comes to a trade war.
"They don't help the majority of businesses and they do not help households. All of the, the major countries that have had high levels of income and good standards of living, have engaged in international trade."
ABC-7 spoke to a mother, Carolina Tovar, who says her and her husband were planning on buying a house and a car this year. She says those plans will probably have to be put on hold due to everyday costs.
"It's a little bit scary because we already noticed that my husband's income, which hasn't changed, has been like, we can't afford the same things that we used to be able to afford."
