Trump’s 10% tar­iffs would be $1,500 tax hike for fam­i­lies, left-of-cen­ter think tank finds

Trump’s 10% tariffs would be ,500 tax hike for families, left-of-center think tank finds

A new analy­sis found that for­mer Pres­i­dent Don­ald Trump’s pro­pos­al to apply 10% across-the-board tar­iffs would be akin to a $1,500 annu­al tax increase for the typ­i­cal house­hold.
The analy­sis, released by the left-of-cen­ter think tank Cen­ter for Amer­i­can Progress, found that Trump’s 10% tar­iffs would squeeze con­sumers because com­pa­nies would pass the costs on to them. The tar­iffs would be like a $90 tax increase on food, a $90 tax increase on pre­scrip­tion drugs, and a $120 tax increase on oil and petro­le­um prod­ucts.
“Don­ald Trump’s tar­iffs would crush America’s mid­dle class by increas­ing the cost of every­thing, from food, fuel, cloth­ing, and more, while fail­ing to boost Amer­i­can man­u­fac­tur­ing,” said Bren­dan Duke, senior direc­tor for Eco­nom­ic Pol­i­cy at CAP Action. “Trump’s plans stand in sta …