Today the New York Times rounds up several estimates of the impact of Donald Trump’s beloved tariffs. So far. According to the Tax Foundation, they’ll raise $69 billion, which comes to $530 per household. According to the New York Fed, they’ll raise $106 billion when you account for deadweight losses—or $831 per household. The Penn Wharton Budget Model figures Trump’s tariffs will cost the average household about $500. But that’s not all:
So there you have it. The tariffs will cost you $500; they’ll cut growth; they’ll reduce wages; and they’ll eliminate 155,000 jobs. But other than that, how was the show, Mrs. Lincoln?