Taxes on imported goods have cost the average American household nearly $1.2 billion since Donald Trump returned to the White House in 2020, according to a report by Democrats on Congress’ Joint Economic Committee.
The report, released this week, analyzed Treasury Department numbers and Goldman Sachs estimates to find that American consumers pay around $159 billion – or $1,198 per household – for tariffs. This is despite President Trump’s claim that the import taxes will protect US industries and raise revenue for the government.
Sen. Maggie Hassan said the tariffs have driven prices higher for families at a time when both parties should be working together to lower costs. The president argues that the tariffs bring factories back to the US and secure trillions in investments, but economists disagree.
Kimberly Clausing, an economist, has calculated that Trump’s import taxes amount to an annual tax increase of around $1,700 for the average household, making it one of the largest tax increases on American consumers in a generation. The report comes ahead of midterm elections where voters have blamed Trump and Republicans for high costs.
Source: https://smdp.com/government-politics-2/tariffs-have-cost-u-s-households-1200-each-since-trump-returned-to-the-white-house-democrats-say