Trump's new tariffs will cost Americans about $500 per household, by one estimate

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Trump's new tariffs will cost Americans about $500 per household, by one estimate
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The ongoing trade war could cost the average American family hundreds of dollars.

div > div.group > p:first-child"> It all depends on how extreme the White House gets with protectionist policies. But Oxford Economics laid out various scenarios that at the high end, could cost U.S. households as much as $800.

In a more extreme example, the firm considered the administration imposing 25% tariffs on all imports from China — not just the current $200 billion. Should China retaliate, Oxford Economics estimates that the U.S. economy would be about $100 billion smaller by 2020. That would translate to an $800 cost per household.

Stocks extended a week-long sell-off Friday after President Donald Trump said there's"absolutely no need to rush" on a trade agreement. He also said tariffs will make the United States"much stronger." Major averages fell near their lows of the day Chinese Vice Premier Liu He left the Office of the U.S. Trade Representative. Treasury Secretary Steve Mnuchin said China trade talks are done for week butwere"constructive.

In a CNBC interview Friday morning, Senator Rick Scott, R-Fla., said while the average Americans might not care about the Dow's triple digit losses, they do pay attention to the job market.

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