03-02-2025, 09:56 AM
“I feel bad about always having to raise prices,’’ said co-owner Zach Davis.
The Budget Lab at Yale University estimates that Trump's tariffs would cost the average American household $1,000 to $1,200 in annual purchasing power.
Gregory Daco, chief economist at the tax and consulting firm EY, calculates that the tariffs would increase inflation, which was running at a 2.9% annual rate in December, by 0.4 percentage points this year. Daco also projects that the U.S. economy, which grew 2.8% last year, would fall by 1.5% this year and 2.1% in 2026 “as higher import costs dampen consumer spending and business investment.’’
Hite said the tax on Chinese imports would hit the company’s finances, forcing it either to purchase cheaper and lower-quality products or pass higher costs along via higher health insurance premiums. Those might take two years to materialize, Hite said, but eventually they would hit consumers’ budgets.
“It will impact the patients,” Hite said. “In time, patients pay more for the products.”
“Once that inventory starts to get low, we’re going to start feeling the effects,” Carillo said in a phone interview Saturday, ahead of the announcement.
In response, Trump spent billions in taxpayer money to compensate them for lost sales and lower prices.
Many of the association's farmers “trust him that he’s going to take care of anybody who’s hurt by the tariffs, and that’s really all that we can ask for.”
https://abcnews.go.com/US/wireStory/us-b...-118356449
The Budget Lab at Yale University estimates that Trump's tariffs would cost the average American household $1,000 to $1,200 in annual purchasing power.
Gregory Daco, chief economist at the tax and consulting firm EY, calculates that the tariffs would increase inflation, which was running at a 2.9% annual rate in December, by 0.4 percentage points this year. Daco also projects that the U.S. economy, which grew 2.8% last year, would fall by 1.5% this year and 2.1% in 2026 “as higher import costs dampen consumer spending and business investment.’’
Hite said the tax on Chinese imports would hit the company’s finances, forcing it either to purchase cheaper and lower-quality products or pass higher costs along via higher health insurance premiums. Those might take two years to materialize, Hite said, but eventually they would hit consumers’ budgets.
“It will impact the patients,” Hite said. “In time, patients pay more for the products.”
“Once that inventory starts to get low, we’re going to start feeling the effects,” Carillo said in a phone interview Saturday, ahead of the announcement.
In response, Trump spent billions in taxpayer money to compensate them for lost sales and lower prices.
Many of the association's farmers “trust him that he’s going to take care of anybody who’s hurt by the tariffs, and that’s really all that we can ask for.”
https://abcnews.go.com/US/wireStory/us-b...-118356449