Trump’s Tariffs Will Cost You About $500 This Year

Today the New York Times rounds up several estimates of the impact of Donald Trump’s beloved tariffs. So far. According to the Tax Foundation, they’ll raise $69 billion, which comes to $530 per household. According to the New York Fed, they’ll raise $106 billion when you account for deadweight losses—or $831 per household. The Penn Wharton Budget Model figures Trump’s tariffs will cost the average household about $500. But that’s not all:

So there you have it. The tariffs will cost you $500; they’ll cut growth; they’ll reduce wages; and they’ll eliminate 155,000 jobs. But other than that, how was the show, Mrs. Lincoln?

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BEFORE YOU CLICK AWAY!

“Lying.” “Disgusting.” “Scum.” “Slime.” “Corrupt.” “Enemy of the people.” Donald Trump has always made clear what he thinks of journalists. And it’s plain now that his administration intends to do everything it can to stop journalists from reporting things they don’t like—which is most things that are true.

No one gets to tell Mother Jones what to publish or not publish, because no one owns our fiercely independent newsroom. But that also means we need to directly raise the resources it takes to keep our journalism alive. There’s only one way for that to happen, and it’s readers like you stepping up. Please help with a donation today if you can—even a few bucks will make a real difference. A monthly gift would be incredible.

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