Trump’s China Tariffs Hit America’s Poor and Working Class the Hardest
“Lower-income consumers tend to spend a lot of their money on low-priced apparel and other items imported from China. On the other hand, Russ says, higher-income people spend a lot on high-end consumer electronics that are also from China. The biggest reason tariffs pinch the poor the most, says Russ, is that the poor have less of a cushion: A higher share of their incomes goes for consumption of all kinds. The rich save a higher share of theirs.”