The National Foundation for American Policy (NFAP) has determined that, by the end of 2019, tariffs imposed by President Trump “will have cost the average household $1,315 over a two-year period.” The study continued, “when adding the tariffs in effect and the tariffs set to go into effect by the end of 2019, the costs of the tariffs to consumers will be $259.2 billion. That is, the tariffs will cost the average household $2,031 per year, and will be recurring so long as the tariffs stay in effect.”
According to Yahoo News, the NFAP’s estimate is higher than others due to the consideration of repeatedly increasing tariffs. The New York Fed estimated a $831 cost, and J.P. Morgan up to $1,000 per year.
NFAP Executive Director, Stuart Anderson, stated, “The findings show that tariffs are a form of business regulation that can be at least as economically harmful as other forms of regulation, especially for consumers.”
The tariffs brought about by Trump’s feud with China have reduced economic benefits brought about by his deregulation policies by 29%, and a continuing trade war may “eliminate all remaining economic gains from the administration’s deregulation actions.”