04/19/2025

Report Finds Tariffs Will Cost Each Household Nearly $5,000 a Year

The Budget Lab at Yale released the findings this week

President Donald Trump's tariffs, and the foreign retaliation these have resulted in, could cost U.S. households nearly $5,000, according to a recent report.

In its latest trade policy update, released Tuesday, the Budget Lab at Yale estimated that the tariffs currently in place will result in three-percent price increases in the short-term, equivalent to a per-household cost of $4,900.

Why It Matters

The Trump administration has defended the tariffs as essential for rectifying long-standing trade imbalances and rehousing American manufacturing. However, much of the criticism against these far-reaching policies has centered on the potential impacts the tariffs, as well as foreign retaliation to them, could have on inflation and prices for U.S. consumers.

Please select this link to read the complete article from Newsweek.