Trump Tariffs Will Cost US Households $500 Each

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The Wall Street Journal reports on our latest tariff haul:

The U.S. is now on a pace to generate $72 billion in tariffs annually, and could well hit the $100 billion mark Mr. Trump has touted if new 10% tariffs on $300 billion in untaxed imports take effect on Sept. 1, as threatened….Although the U.S. had relatively low tariffs before the Trump administration’s latest actions, it still collected about $30 billion annually in pre-existing tariffs assessed against imports from China, Europe, Japan and other countries.

That’s $70 billion in new tariffs. The US has about 130 million households. So this comes to about $500 for every household in America.

Normally Republicans would be up in arms about higher taxes, but tariffs are a regressive tax so it’s OK. Anything that hits the rich more lightly than the poor is always worth a sympathetic look. And if it’s an invisible tax that screws the poor without them even knowing it? Now that’s a tax a Republican can love.

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FACT:

Mother Jones was founded as a nonprofit in 1976 because we knew corporations and the wealthy wouldn't fund the type of hard-hitting journalism we set out to do.

Today, reader support makes up about two-thirds of our budget, allows us to dig deep on stories that matter, and lets us keep our reporting free for everyone. If you value what you get from Mother Jones, please join us with a tax-deductible donation today so we can keep on doing the type of journalism 2020 demands.

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