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US tariffs could cost average American $2,400 annually: SBI report
A new State Bank of India report warns that recent US tariffs might bump up the average household's yearly expenses by about $2,400. The main reason? Higher prices caused by inflation.
Lower-income families could feel this pinch even more, losing around $1,300 each—almost triple the hit for wealthier households.
Impact on India
High-income families might see losses up to $5,000, but it won't shake their finances as much.
The report also points out that sectors like electronics and cars will likely get pricier.
While these tariffs are set to slow down the US economy a bit, India isn't expected to feel as much impact thanks to its diverse trade links.