President Trump's tariffs on foreign goods are projected to increase costs for American households by approximately $4,000 per year, according to estimates from Senate Minority Leader Chuck Schumer. This figure aligns with various independent estimates that range from $3,100 to $4,900 depending on different economic assumptions. The article outlines the complexities involved in calculating the full impact, particularly due to Trump's ongoing adjustments to tariffs. Other parties have noted that these costs do not include additional tariffs announced in early April, which could further influence household expenses.
It's estimated it'll raise the American costs. American families would have to pay about $4,000 more a year.
Calculating how typical households would be hit involves estimation and assumptions, especially given Trump's frequent tinkering with what items will be tariffed and when.
The estimates do not include the impact of higher country-by-country tariffs that Trump announced on April 2 but paused for 90 days beginning on April 9.
Four of five estimates by groups with varying political ideologies range from $3,100 to $4,900 a year; the midpoint of that range is in line with Schumer's figure.
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