Lower-income families who spend the largest shares of their income on goods—and who have been badly hurt from the recent inflation—will likely suffer the most.
by Veronique de Rugy
Reason.com
We’re told that “Liberation Day” tariffs on imports from around the world will raise $6 trillion in federal revenue over the next decade, plus another trillion from automobile tariffs. But the only true “liberation” will be us Americans—consumers and taxpayers—being liberated from even more of our hard-earned income. So hold on to your wallet.
If you don’t believe that Liberation Day is bad news for the overwhelming majority of us, first remember that U.S. consumers are, as always, the ones who pay U.S. tariffs. Whatever the Trump team collects from foreign imports will be shifted back to us in the form of higher prices.
Then there is the fact that the administration is already preparing for economic damage control with emergency aid for U.S. farmers.