Estimate by JPMorgan.

Existing and proposed tariffs on goods imported from China will cost the average American family $1,000 per year, according to an analysis by JPMorgan.

The extra $1,000 in tariffs would essentially wipe out the signature tax cuts that the Trump administration has rolled out, according to HuffPost.

President Donald Trump imposed tariffs earlier this year as part of an escalating trade war, and HuffPost reports tariffs in place are costing families $600 per year. If a new round goes forward, that will rise by an estimated $400.

In most cases, manufacturers and retailers simply hike prices to make up for increased tariffs, leading to higher costs for consumers.

Higher tariffs have been slapped on a variety of common goods, including clothing, furniture and housewares imported from China.

More: https://www.ibtimes.com/trumps-china-tariffs-will-cost-us-families-1000-annually-jp-morgan-warns-2815479

Which products, industries won exemptions? https://www.propublica.org/article/bibles-but-not-textbooks-trumps-tariff-exemptions-pick-winners-and-losers