Trump’s tariffs are set to cost the average household an extra $1,300 this year, study finds
Staggering amount Trump’s tariffs could cost each household this year
- Research indicates that Donald Trump's tariffs are set to increase average American household costs by an extra $1,300 by 2026.
- A study by the Tax Foundation found these levies represent the largest tax increase since 1993, amounting to 0.54 per cent of GDP for 2026.
- The tariffs are projected to reduce US GDP by 0.5 per cent and could undermine economic gains from previous tax cuts.
- A spokesperson for Trump dismissed the study's findings, arguing that economic growth and rising wages occurred despite the tariffs.
- Public opinion polls show 60 per cent of Americans disapprove of the increased tariffs, and the US Supreme Court is currently considering their legality.
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