President Donald Trump’s trade wars have already wiped out all but $100 of the average American household’s windfall from Trump’s 2017 tax law. And that’s just the beginning. That last $100 in tax-cut gains also could soon disappear -- and then some -- because of additional tariffs Trump has announced or is considering. If the president makes good on his threats to impose levies on virtually all imports from China and Mexico, those middle-earning households could pay nearly $4,000 more as they shell out more for a vast range of goods -- from avocados to iPhones.

More info in the article
https://www.bloomberg.com/news/articles/2019-06-07/trump-s-tariffs-have-wiped-out-most-families-tax-cut-gains

My thoughts on this news

Trump is completely clueless about how the economy works and how money flows through it. The USA is allowing a man, who according to his tax returns from 1985-1995 had losses of $1 Billion dollars, to dictate economic policy. Once Trump's most current tax returns are released I am sure he will have more losses to show for. Trump is a complete failure who has bankrupted multiple businesses, the only reason he has money is because he got everything from his daddy. Trump thinks that raising tariffs on China and Mexico will help Americans, but the reality is, increasing those taxes will simply increase prices on goods Americans buy, since the majority of products sold in the USA come from China and Mexico. The reason for this is because American corporations and the rich Americans who own those corporations, decided to leave American, because they would rather pay people in China and Mexico slave wages instead of paying Americans a living wage to make their products in America. That is how the rich and richer and the poor get poorer...