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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Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

payment methods

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