Trump's tariffs cost American households $1,000 last year: Research group
Source: ABC News
President Donald Trump's tariffs cost the average American household $1,000 last year, according to new research from the nonpartisan Tax Foundation.
The cost is set to go even higher this year to $1,300 per household, assuming the existing tariffs stay in place, the research said.
The research called Trump's tariffs "the largest U.S. tax increase as a percent of GDP since 1993." It suggests the president's signature economic policy is exacerbating cost of living concerns at a time when many households are grappling with persistently high prices.
According to the research think tank Tax Foundation, the federal government collected $264 billion in total tariff revenues in 2025 -- far short of the trillions regularly touted by the White House. The research also finds the tariffs will offset most of the economic benefits of the new tax cuts from Trump's signature tax law that took effect this year.
Read more: https://abcnews.go.com/Business/trumps-tariffs-cost-american-households-1000-year-research/story?id=130003484
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