Overview
- A Joint Economic Committee report from Democrats estimates consumers paid about $159 billion from February through November, or roughly $1,198 per household.
- The calculation combines Treasury tariff receipts with Goldman Sachs assumptions about how costs are passed on to buyers, noting that importers typically pass taxes to customers.
- Yale University’s Budget Lab reports the average U.S. tariff rose from about 2.4% early this year to 16.8%, the highest since 1935.
- The White House defends the policy as protecting U.S. industries, attracting investment, and generating revenue for the Treasury.
- Fact-checkers note tariff revenue falls far short of federal income tax collections and a pending Supreme Court challenge could jeopardize the tariff program.