Center for American Progress Action

RELEASE: Trump’s Across-the-Board Tariff Plan Would Amount to a Roughly $1,500 Tax Increase
Press Release

RELEASE: Trump’s Across-the-Board Tariff Plan Would Amount to a Roughly $1,500 Tax Increase

Washington, D.C. — Today, the Center for American Progress Action Fund released a new analysis exploring how former President Donald Trump’s 10 percent across-the-board tariff proposal would affect the typical American family. The analysis uses Census, Treasury, Congressional Budget Office, and Bureau of Labor Statistics data to estimate 2025 import costs and the impact of Trump’s plan on families’ pocketbooks.

The analysis finds that the 10 percent across-the-board tariff would amount to a roughly $1,500 annual tax increase for the typical household, including a $90 tax increase on food, a $90 tax increase on prescription drugs, and a $120 tax increase on oil and petroleum products. The analysis also finds that while the tariff would drive up the price of goods, it would fail to meaningfully boost U.S. manufacturing and jobs.

“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 stark contrast to President Joe Biden’s proposals, which would cut taxes for working families and continue the recent historic surge in the construction of American manufacturing facilities.”

Read the column: “Trump’s Tariff Would Cost the Typical American Household Roughly $1,500 Each Year” by Brendan Duke and Ryan Mulholland

For more information or to speak with an expert, please contact Colin Seeberger at [email protected].

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