New Estimate of Trump Tariffs' Cost: $2,600
Imposing tariffs of 20% on all imports and a 60% tariff on Chinese goods would cost middle-class households more than $2,600 a year -- $900 more annually than a 10% tariff on imports, what former President Donald Trump floated earlier in his current presidential campaign, according to a new analysis from the Peterson Institute for International Economics.
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This estimate is lower than a left-of-center think tank analysis cited by Vice President Kamala Harris on the campaign trail, which said it could be $3,900 annually for middle-income households (see 2408190035).
However, even the top 20% of earners would pay more in tariffs than they saved through the Trump tax cuts, the Peterson estimate says.