Day 961: Trump tariffs are set to cost American households thousands of dollars per year

Donald Trump’s tariffs are having a disastrous effect on everyday Americans. The National Foundation for American Policy (NFAP), a non-partisan, non-profit, released a report that shows that average household will be out over $1,300 due to the tariffs by the end of the year and that figure is set to soar.

By December 31, 2019, the burden on consumers from the tariffs imposed under the Trump administration will total $167.7 billion, meaning the administration’s tariffs will have cost the average household $1,315 over a two-year period.

On an annual basis, when adding the tariffs in effect and the tariffs set to go into effect by the end of 2019, the costs of the tariffs to consumers will be $259.2 billion. That is, the tariffs will cost the average household $2,031 per year, and will be recurring so long as the tariffs stay in effect.

If all tariffs threatened by the Trump administration are imposed, combined with the current tariffs in place, the annual cost to U.S. consumers would be $461.1 billion and the cost for the average household would be $3,614.

Trump keeps falsely claiming that the tariffs are great for Americans. But time after time, Americans are being adversely impacted in real ways.

For instance, groups like manufacturers and farmers are seeing tariffs tank their businesses. The former are paying substantially more for the same imported goods and having to eat some costs while passing others on to end consumers. The latter are unable to export crops as purchasers are going elsewhere to avoid reciprocal tariffs. Taxpayers are bailing out some businesses, all because Trump decided he could be “tough on China,” even as he didn’t understand the basic economics behind tariffs.

Meanwhile, China hasn’t blinked. As Trump rants and raves about China cheating, American taxpayers’ wallets are getting progressively lighter.

961 days in, 501 to go

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