Trump Tariffs Cost Households $1,200, Democrats Say

New tariffs imposed by former President Donald Trump have cost U.S. households nearly $1,200 on average this year, a Democratic report claims. The analysis comes from Democrats on Congress’s Joint Economic Committee. They published their findings on Thursday. The report calculates that American consumers have paid almost $159 billion of the tariff cost since February. That is when Trump returned to the White House and increased taxes on many imports. The Democrats used U.S. Treasury data on tariff revenue. They combined it with economic estimates from Goldman Sachs. Those estimates show who ultimately pays for the import taxes. The committee's Democrats state that the financial burden falls heavily on consumers. They argue the tariffs act as a hidden tax on households. The report is likely to fuel debate over trade policy. Republicans generally support tariffs as a tool to protect U.S. industries and jobs.