More to Come?
Of course, the current round of tariffs might not be the last of it. If the trade war continues to escalate, it might not be long before both countries have slapped taxes on almost everything passing over their borders. The U.S. imported $505.5 billion worth of goods from China in 2017, which would translate to over $125 billion in tariffs should the 25 percent rate be extended to all of them.
For context, that would be the entire cost of Hurricane Harvey that hit Houston last year, the second-costliest hurricane in American history. So, if the trade war continues, it could effectively be the economic equivalent of an additional Harvey-sized hurricane hitting the country every year.