New analysis by the nonpartisan Tax Foundation shows Donald Trump’s tariffs cost the average American household $1,000 last year.
Research shows the cost will rise to $1,300 per household this year if the current tariffs stay in place.
More from ABC News:
The research called Trump’s tariffs “the largest U.S. tax increase as a percent of GDP since 1993.”
It suggests the president’s signature economic policy is exacerbating cost of living concerns at a time when many households are grappling with persistently high prices.
According to the research think tank Tax Foundation, the federal government collected $264 billion in total tariff revenues in 2025 — far short of the trillions regularly touted by the White House.
The research also finds the tariffs will offset most of the economic benefits of the new tax cuts from Trump’s signature tax law that took effect this year.
This is a bit of history repeating itself as a similar study in 2019 found Trump’s tariffs during his first White House gig led to higher prices for American consumers and job losses.
Read more here.
Discover more from The Randy Report
Subscribe to get the latest posts sent to your email.