US EditionPotential Trump tariff plan could cost households more than $3K: Analysis
- President Donald Trump announced tariffs as high as 20% on various goods to punish other countries for unfair trade practices, affecting American households significantly, particularly lower-income ones.
- An analysis from Yale Budget Lab reported that the lowest-earning households could see their disposable income fall by up to 5.5% due to these tariffs, impacting those with an average income of $43,000.
- Economist Ernie Tedeschi noted that tariffs act as a regressive tax, impacting families at the bottom more than those at the top, and predicted an adjustment period in the American economy due to these changes.
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Trump's new tariffs will hit lower-income households the hardest
The ripple effects of President Donald Trump’s new wave of sweeping tariffs announced this week will be felt the most by lower-income Americans, who are heavily reliant on products from countries hit the hardest by Trump’s tariffs and have less disposable income to absorb higher prices, NBC News reported. Trump is placing some of his highest tariffs on goods coming from countries making the low-cost products that line the shelves of discount ret…
·Los Angeles, United States
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Total News Sources18
Leaning Left8Leaning Right2Center4Last UpdatedBias Distribution57% Left
Bias Distribution
- 57% of the sources lean Left
57% Left
L 57%
C 29%
14%
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