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Reply to "Trump tariffs: ruin U.S. economy until 2040"
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[quote=Anonymous]Updated modeling of tariffs going into effect today. We estimate the 25 percent tariffs on Canada and Mexico and 10 percent tariffs on China proposed to go into effect as early as February 1, 2025, would shrink economic output by 0.4 percent and increase taxes by $1.2 trillion between 2025 and 2034 on a conventional basis, [b]amounting to an average tax increase of more than $830 per US household in 2025.[/b] The tariffs on Canada and Mexico alone would increase taxes by $958 billion between 2025 and 2034 on a conventional basis, amounting to an average tax increase of more than $670 per US household in 2025. https://taxfoundation.org/research/all/federal/trump-tariffs-trade-war/ [/quote]
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