Trump’s tariffs have cost each American household $1,200 in added expenses, Dems say
Here’s how much Trump’s tariffs have cost each American household
- President Donald Trump's sweeping tariffs have cost the average American household nearly $1,200, according to a report by Democrats on Congress' Joint Economic Committee.
- The report, based on Treasury Department figures and Goldman Sachs estimates, says that American consumers’ share of the bill came to nearly $159 billion — or $1,198 per household — from February through November.
- Senator Maggie Hassan, the top Democrat on the committee, criticized the tariffs, saying, "This report shows that (Trump's) tariffs have done nothing but drive prices even higher for families.”
- Trump maintains that the import taxes safeguard US industries, foster job creation, and generate revenue for the Treasury.
- Economist Kimberly Clausing characterized the tariffs as "the largest tax increase on American consumers in a generation," estimating an annual cost of approximately $1,700 for an average household.