How Much Will Tariffs Cost You?

Though questions and concerns continue to fly regarding President Trump’s planned tariffs on Canada and China going into effect this week – tariffs on Mexico have been paused to March -  the most important question many of us are asking is “how much will it cost me?” After running on the promise of lowering the cost of consumer goods, experts expect Trump’s focus on tariffs ranging from 10% to 25% will cost the average U.S. household about $830 extra this year, according to predictions from The Tax Foundation. As scheduled, the tariffs are expected to cost the United States 330,000 jobs and a dip in gross domestic product of about 0.4%.

Experts told the Associated Press that the tariffs are expected to increase inflation by 0.4% this year and cause a shrinking of the U.S. economy. It cited a report by The Budget Lab at Yale University, which estimates tariff-related costs of between $1,000 and $1,200 per household this year.

The BBC reported that products and areas that could see cost increases in coming months include cars, expected to go up in cost by about $3,000; building homes, as Canadian lumber is a significant part of American house development; avocados and similar produce, as Mexican avocados make up nearly 90% of US avocado sales; and fuel prices, as more than half of all fuel imported into the United States in 2024 came from Canada.

reposted from CT Dems/Norm Needleman.