Trump's 10% tariffs would be $1,500 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.