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Join NowWhat Trump’s Tarrifs Will Actually Cost You
Trump promised to help everyday Americans with their everyday costs. Unsurprisingly, his first weeks in office have established that his policies will do no such thing. He has started trade wars with America’s three biggest trading partners that will affect virtually everything Americans buy and consume.
Economists almost universally agree that the tariffs imposed by President Trump will cost the average American household hundreds—if not thousands—of dollars every year.
As Trump’s tariffs take effect, the Tax Foundation estimates they will cost more than $830 per U.S. household this year alone.
Even after the economy has had a year to attempt to adjust itself to these tariffs, the Budget Lab at Yale University forecasts that the average U.S. household will still lose about $1,000 of purchasing power a year.
Trump’s bigger tariff proposals would cost the typical American household over $2,600 a year.
What will my life look like with Trump’s 25% tariffs in place?
Trump has declared an economic state of emergency so he can put 25% duties on imports from Canada and Mexico and 10% on all imported goods from China. These are our three biggest trading partners, and the tariffs will cost Americans hundreds of dollars this year alone. While there’s been an agreement to stall trade war talks for 30 days, there’s still no answer as to how these tariffs will benefit the American people.
Despite promising he would lower everyday costs, Trump is now acknowledging what economists have been predicting all along: The American people will pay more and suffer for these trade wars, all while Elon Musk and other billionaires make even more money.
What types of things will be more expensive due to Trump’s tariffs?
To name just a few …
- Oil and lumber from Canada
- Textiles and computer chips from China
- Produce, clothing, liquor, and auto parts from Mexico
To put that into perspective, we get 4.3 million barrels of oil from Canada per day. In 2022, we imported $562.9 billion worth of goods from China and $493.1 billion from Mexico.
These tariffs will be a new tax on virtually everything we consume, increasing expenses for everyday Americans as opposed to Trump’s loyalist billionaires.
For those who think these tariffs won’t affect products with the label “Made in the USA,” think again. Sometimes that label means only that a product was assembled or otherwise finished in a U.S. facility but still includes raw materials, parts, or packaging from elsewhere. The pottery you purchase that was made in America will be shipped in packaging made in China.
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