US Households to Pay $170 If Oil Tariffs Imposed
A potential US tariff on oil imports would hand consumers a $22 billion bill as higher costs get passed on, while doing little to stimulate domestic crude production, according to Goldman Sachs Group Inc. The levy would be equivalent to a cost of $170 per household if implemented, with average retail gasoline prices increasing by 7 cents a gallon. Global commodity markets including oil have been rattled since Donald Trump was sworn in last month, as the president presses home an aggressive series of moves to shake up the global trading system.
- This alarming fiscal burden on American households underscores the need for policymakers to consider the human cost of protectionist trade policies and how they disproportionately affect vulnerable populations.
- How will the imposition of oil tariffs and subsequent price increases impact low-income households, which are already struggling with rising food and energy costs?