PSST!!! IB90proof... It's been over a year.. Tariffs have no effect on consumers so far

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Despite many claims that the tariffs would hurt U.S. consumers, they have not. For months, data have defied predictions of tariff-led inflation. And now it is indisuputably clear: the metals and China tariffs have not raised consumer prices. The Department of Labor said Friday that its consumer price index was up just 2.0 percent compared with a year ago, indicating that prices are not rising particularly quickly. The Federal Reserve says it targets 2 percent inflation, although it uses a different measure of prices.

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“Trump’s trade war may soon hit consumers’ wallets and paychecks,” NBC News declared in a headline last year.

“Tariffs will surely lead to higher prices for imported goods and, to a lesser extent, prices for non-imported goods that use imported materials,” the University of Pennsylvania’s business school Wharton reported.

“Tariffs are about to hit consumers, and it won’t be pretty,” CNBC claimed.

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Commerce Secretary Wilbur Ross, however, said all of these predictions of higher prices were wrong. To the contrary, Ross argued tariffs would have little to no effect on U.S. consumers. He held up cans of Campbell’s soup and Budweiser beer to illustrate his point that the metals input into most consumer prices was very low and unlikely to rise. When prices did not rise as predicted, the critics did not back off their claims. Many just moved the time frame, arguing that the forecast price increases were just taking time to move through the economy. But now that a year has passed, that an increasingly absurd position.

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