"A price increase of 25 percent will likely put a new video game console out of reach for many American families who we expect to be in the market for a console this holiday season," the companies wrote in a joint public letter on June 18, 2019. "For those purchases that do go forward despite tariffs, consumers would pay $840 million more than they otherwise would have..."
However, pressure from major companies, including tech giants like Apple and other electronics makers, forced Trump into delaying the tariffs' implementation and eventually granting exceptions for popular consumer devices altogether.
On November 25, the president-elect promised that new tariffs on goods from China as well as Mexico and Canada would be a day-one priority.
A joint study published earlier this year by academics at MIT, Harvard, and elsewhere concluded that the impact of recent tariffs on employment was minimal.
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