Trump’s economists just gave an answer on how tariffs will affect prices

China and the US on Thursday announced new tariffs on each other’s goods worth $34 billion in a tit-for-tat response to US President Donald Trump’s “reciprocal” tariffs. China added 16 US entities to its export control list and banned them from obtaining Chinese products because they are dual-use. The US also imposed tariffs on $50 billion worth of Chinese products.