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Analysis: Trump's tariffs will cost U.S. consumers $1,400 next year
The Tax Foundation projects tariffs will cost U.S. households $1,400 in 2026, while legal challenges question the president's authority under a 1977 law.
- Next year, the Tax Foundation projects President Donald Trump's tariffs will cost U.S. consumers about $1,400 in 2026, attributing the cost directly to his tariff agenda.
- Facing multiple court setbacks, two lower federal courts rejected Trump's tariffs, and the U.S. Court of Appeals for the Federal Circuit affirmed in a 7-4 ruling that tariff authority rests with Congress, noting the 1977 law does not mention tariffs.
- Households have already paid an average $1,100 tariff-related tax increase this year, with Goldman Sachs, financial firm, finding U.S. consumers bear 55%, businesses 22%, and foreign exporters 18%.
- If IEEPA tariffs are enjoined, the Tax Foundation projects household costs will decline to $300 in 2025 and $400 in 2026, and the Supreme Court heard oral arguments last month.
- President Trump says tariffs aim to restore manufacturing jobs, shifting the tax burden from families; the administration imposed import duties above 10% on all foreign nations, with some above 40%.
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11 Articles
11 Articles
Coverage Details
Total News Sources11
Leaning Left0Leaning Right3Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
C 57%
R 43%
Factuality
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