US EditionTrump’s tariffs: Average American household faces $2,200 price hike, report says
- A recent analysis by Yale’s Budget Lab indicates that tariffs implemented under President Trump are expected to increase U.S. Consumer costs by close to 2% in the near future, specifically by 2025.
- The report attributes this price hike to sustained tariffs averaging 17.8%, the highest rate since 1934, despite a recent 90-day tariff reduction on Chinese imports.
- Footwear and clothing prices are especially affected, rising about 15% and 14% respectively, as importers pass added costs to consumers nationwide.
- The analysis estimates that these tariffs will cost the average middle-class household more than $2,200 annually, down from an earlier forecast of $3,400 due to tariff pauses and trade deals.
- The report cautions that tariffs may lead to a 0.4 percentage point increase in U.S. Unemployment rates by the end of 2025, while President Trump insists that these measures are crucial for revitalizing American manufacturing.
11 Articles
11 Articles
Some Michigan tourism spots worry about Trump tariff toll on summer travel
As Michigan prepares for another summer travel season, one thing is increasingly clear: President Donald Trump’s tariffs and border detention issues are sparking backlash that could reduce international visits to the United States — and deepening concerns that the levies may cause domestic travelers to adjust their plans. The impact of tariffs amid a trade war is already showing up in travel from Canada to Michigan. The number of people crossing…
Tariffs Cut From 145% to 30%, but Households Still Face $2,200 Impact - News Facts Network
A new report from the Budget Lab at Yale University finds that President Trump‘s trade... The post Tariffs Cut From 145% to 30%, but Households Still Face $2,200 Impact appeared first on News Facts Network.
Trump’s tariffs: Average American household faces $2,200 price hike, report says
According to new research published by the Budget Lab at Yale University, President Donald Trump's tariffs will raise prices by almost 2% in the short run, costing the typical middle-class household more than $2,200 per year.That estimate is down from the group's mid-April estimate of around $3,400 a year.The updated estimates come after the Trump administration announced it would lower tariffs on goods imported from China from 145% to 30% for 9…
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