Under Trump’s import tariff plan, economists say we would pay $3,900 more every year.

Raising tariffs could significantly impact everyday costs for americans. Here are a few examples.

Groceries

It’s already hard enough putting food on the table. Trump’s proposed 10% increase in tariffs would increase food prices, making it harder to afford grocery staples like coffee, fruit, vegetables and meat. An average US household could pay $200 more/year in food costs.

⬆  $200

Given that the United States imports 15% of its food supply — including nearly all of its coffee and cacao, 60% of fresh fruit and nearly 40% of fresh vegetables — a 10% tariff would amount to a cost increase on some of America’s most important imports.”

Source

cnn

Gas

We’ve all felt the pain of high prices at the pump. If Trump were re-elected, gas prices would soar.

⬆  $240

A 10 percent tariff — the minimum level Trump has floated — would raise the average retail gasoline price by 5 percent”

Source

POLITICO

DRug prices

Trump's import tax will raise the cost of medicine by hundreds of dollars. Americans shouldn't pay more to keep their families healthy and safe.

⬆  $210

CAP Action estimates that a 20 percent across-the-board import tax combined with the 60 percent tax on Chinese goods would amount to about a $3,900 tax increase for a middle-income family. This includes a $200 tax increase on food; a $240 tax increase on oil and petroleum products; and a $210 tax increase on medicine."

Source

CAP ACTION

Electronics

The Trump campaign proposed a 500% increase on the tax rate of imports from China. If Trump has his way, consumers will foot the bill to cover five times the amount that they used to pay on modern day necessities like cell phones and laptops. Experts say electronics would increase by $300 per item under Trump’s radical and dangerous tariffs plan.

⬆  $300

The Trump campaign is mulling a massive tax increase on American purchases from China. During his first term, the Trump trade war quadrupled the tariff on imports of Chinese goods from 3 percent to 12 percent on average. If reelected, he might quintuple the tax, imposing tariffs of 60 percent on imports from China. The economic ramifications would be significant and unwelcome..."

Source

tAX FOUNDATION

Clothing

A recent report found that Trump’s proposed tariffs would increase the cost of clothes and shoes by an average of $220 more per year for a typical US household. Do you have an extra $220 laying around to spend, to buy the same type of clothes you bought last year?

⬆  $220

A typical family would, therefore, pay between $2,500 to $3,900 from Trump’s import taxes, depending on the precise tax rate between 10 percent and 20 percent that various countries’ goods could be taxed at. Apparel, footwear and jewelry could increase by $220/year for a U.S. household in the 40th-60th percentile of the income distribution in 2026.

Source

CAP ACTION
Leading economists around the world agree: Donald Trump’s economic plans to increase tariffs on imports would amount to a national sales tax, and raise the costs of everyday goods like groceries, housing, and medicine. We can’t afford another Trump presidency.

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“One of the nation's largest investment banks, Goldman Sachs, warned earlier this month that Trump's plan for across-the-board tariffs could boost inflation in 2025 by as much as 1.2%.” 

‘Political poison’: How Trump’s tariffs could raise gasoline prices

“A 10 percent tariff — the minimum level Trump has floated — would raise the average retail gasoline price by 5 percent, said BCA Research’s chief strategist for commodities and energy research, Roukaya Ibrahim, and its chief strategist for geopolitics and U.S. politics Matt Gertken, in an email to POLITICO. At current prices, that would hike the current national average from $3.35 a gallon to $3.50.”

Trump will jack up your food bill

"Trump’s proposed tariffs will do immediate damage. He has called for a baseline 10% tariff on all imported goods. Given that the United States imports 15% of its food supply — including nearly all of its coffee and cacao, 60% of fresh fruit and nearly 40% of fresh vegetables — a 10% tariff would amount to a cost increase on some of America’s most important imports."

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Trump’s plans amount to a secret sales tax, raising prices on everyday goods for all Americans, all while he cuts taxes for his super-rich friends.

“The Trump campaign is mulling a massive tax increase on American purchases from China. During his first term, the Trump trade war quadrupled the tariff on imports of Chinese goods from 3 percent to 12 percent on average. If reelected, he might quintuple the tax, imposing tariffs of 60 percent on imports from China. The economic ramifications would be significant and unwelcome, upending businesses’ relationships with suppliers, diverting trade flows to get around the tariffs, imposing immense costs on people in both economies, and likely closing crucial export markets for key American products, including agriculture.”

SOURCE: TAX FOUNDATION

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