If Trump adds tariffs, ‘either way, there is a cost to consumers,’ economist says

Published On Dec 10, 2024, 3:45 PM

The article discusses potential tariff plans proposed by President-elect Donald Trump, which could lead to increased costs for U.S. consumers. Economists warn that if tariffs are implemented, businesses may pass higher costs onto consumers, affecting household budgets, particularly for low- and middle-income families. While some speculate these tariffs might be used as negotiation tactics, uncertainty remains about their actual implementation and impact on the economy. If tariffs are imposed significantly, they could place a considerable financial burden on American households, with estimates suggesting an average increase of $3,000 in annual costs per household by 2025.