According to a major study, U.S. consumers are already covering 55% of the costs from tariffs just six months after they started. Trump and his supporters have kept saying, even though many economists disagree, that other countries would just take the hit from these tariffs. But now we know for sure that’s not happening.
Since April, when Trump first announced his crazy tariffs, consumer prices have gone up every month.
This is making it harder for American workers to keep up with their wages and savings because of rising inflation. On top of that, some companies might have used old stockpiles of goods to keep prices low before the tariffs hit. As those supplies run out, they’ll have to raise prices to deal with the extra costs from the tariffs.
Goldman Sachs also said that costs could go even higher now that Trump is thinking about more bad tariffs.
Like always, he won’t look at the real effects of his actions or rethink his old ideas. There’s no way he’ll ever admit he was wrong.
The analysis says that Trump’s tariffs have added 0.44% to the Fed’s main inflation measure, which is a big deal when you think about the whole U.S. economy.
Hardworking Americans are taking a big hit. If Trump goes through with his plan to tax furniture and kitchen items, that number could jump to 0.6%. In that case, consumers will end up paying 70% of the cost of the tariffs.
At the same time, Trump’s family is making a lot of money from shady business deals, and the president himself is taking direct bribes, most clearly shown by a $400 million jet from Qatar.
While Americans are getting poorer, Trump is reaching new levels of wealth.
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