With the recent tariff increase from 10% to 25% on China, the typical U.S. household will pay out $831 in higher prices. So there go all the benefits of the 2017 tax cuts for millions of middle-class Americans. For low-income Americans the costs will be even more out of whack because their tax cuts were smaller than average, and tariffs are a regressive consumption tax; poor households pay a larger share of their income in tariffs than do rich ones. Trump is now threatening to impose tariffs on Mexico too, which will only add to the pain.

Source: Los Angeles Times June 05, 2019 10:07 UTC