"We have estimated the total additional cost to the American consumers and looked for an understandable metaphor. So we looked at the federal excise taxes on fuel. A penny a gallon is roughly $1.5 billion annually. The announced (including China going from 10% to 25%) is roughly a $150 billion annually imposed sales tax. Would the Congress or country tolerate a dollar per gallon addition to the federal fuel excise tax? Doubtful. Yet that is the functional equivalent our nation is accepting from the Trump-Navarro Trade War."
– Cumberland Advisors Chief Investment Officer David Kotok, in an email to Politico’s Morning Money