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Trump tariffs to hit working class the hardest, costing an average family $3,800 a year [View all]
President Donald Trump has plunged the United States into a new phase of his trade war, and this time the economic casualties will be clear, immediate and, for many Americans, painful.
The new levies, combined with other tariffs already implemented this year, will raise costs for the average American family by $3,800, according to a new report by the Yale Budget Lab.
The tariff hit won’t fall evenly across American households: The Budget Lab’s analysis shows the new policy is a textbook example of what’s known as a regressive tax. That is, the tariffs will eat up a larger share of the earnings of lower- and middle-income families than they will for wealthy households.
The new levies, combined with other tariffs already implemented this year, will raise costs for the average American family by $3,800, according to a new report by the Yale Budget Lab.
The tariff hit won’t fall evenly across American households: The Budget Lab’s analysis shows the new policy is a textbook example of what’s known as a regressive tax. That is, the tariffs will eat up a larger share of the earnings of lower- and middle-income families than they will for wealthy households.
https://www.marketwatch.com/story/trump-tariffs-to-hit-working-class-the-hardest-costing-an-average-family-3-800-a-year-5bb03f9e?mod=livecoverage_web
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