Source: Washington Post
by Heather Long
“At some point, it will sink in that American consumers are the ones who pay for hefty tariffs. A typical household would pay more than $1,200 a year. The Tax Foundation ran the numbers and found that the bottom 40 percent of households would lose, because they would pay more in tariffs than they would get back in tax cuts. The Peterson Institute for International Economics found that the bottom 80 percent would be worse off, and only the richest Americans would benefit. … The scope of what Trump is vowing to do now is so large that it’s hard to comprehend. In a worst-case scenario, the average tariff rate could spike to the highest level since the Great Depression.” (01/09/25)