But UW-Madison Donald Hester Professor of Economics Charles Engel told the Wisconsin State Journal “the overall effect on the cost of living would be relatively small” because the price consumers pay doesn’t only cover the cost of the good itself.
“If you think about when you buy a t-shirt, say that’s made in China,” he said. “The actual t-shirt is really a relatively small part of the cost that we pay, and a much bigger part is the cost of the design, which is probably done in the U.S., and then the cost of bringing the shirt from the port to the store where you get it.”