Yes, Trump's proposed tariffs would raise costs for Americans

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https://www.verifythis.com/article/news/verify/donald-trump/trump-tariffs-explained-costs-for-americans/536-e2317e48-8d75-4fad-b904-773fde008126

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Yes, Trump’s proposed tariffs would raise costs for Americans.

WHAT WE FOUND

Multiple tax and economic policy experts’ estimates show Trump’s proposed tariffs on imported goods would raise costs for American consumers.

Tariffs are taxes that countries impose on imported goods when they cross the border. These taxes are paid by the business or individual importing the goods, not other countries.
Though importers pay these tariffs, many economists say the costs of these taxes are largely passed on to consumers in the form of higher prices on imported goods, the Council on Foreign Relations (CFR) says.

For example, if the price of steel goes up due to tariffs, individual consumers will ultimately pay more for products using steel, as Investopedia explains.

Trump has floated various tariff proposals while on the campaign trail, including tariffs between 10% and 20% on all imported goods and 60% tariffs on Chinese imports.

The Peterson Institute for International Economics (PIIE), a nonpartisan Washington, D.C.-based think tank, projects that a 20% across-the-board tariff on imports combined with a 60% tariff on Chinese goods would cost a typical middle-income household more than $2,600 per year.

If that across-the-board tariff was lowered to 10%, that number would be $1,700, according to the PIIE.

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