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Tariffs have cost U.S. households $1,200 each since Trump returned to the White House, Democrats say (apnews.com)

submitted 6 days ago by MicroWave@lemmy.world to c/news@lemmy.world

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Sweeping taxes on imports have cost the average American household nearly $1,200 since Donald Trump returned to the White House this year, according to calculations by Democrats on Congress’ Joint Economic Committee.

Using Treasury Department numbers on revenue from tariffs and Goldman Sachs estimates of who ends up paying for them, the Democrats’ report Thursday found that American consumers’ share of the bill came to nearly $159 billion — or $1,198 per household — from February through November.

“This report shows that (Trump’s) tariffs have done nothing but drive prices even higher for families,” said Sen. Maggie Hassan of New Hampshire, the top Democrat on the economic committee. “At a time when both parties should be working together to lower costs, the president’s tax on American families is simply making things more expensive.”

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[–] Kraven_the_Hunter@lemmy.dbzer0.com 4 points 6 days ago

Which is part of the cost to households. Ergo the initial statement is under stating the full impact.