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Trump's trade war could cost every middle-class American family $453 and could eliminate 292,000 US jobs

Trump's trade war could cost every middle-class American family $453 and could eliminate 292,000 US jobs
Jim Young/Reuters



President Donald Trump has imposed tariffs on Chinese goods, steel, aluminum, and more.




Trump has also threatened to impose more tariffs on Chinese goods and imported cars from around the world.




According to a report from the Tax Foundation, Trump's existing tariffs will cost every middle-class family $146 — and the threatened tariffs could push that to $453 in a year.




The tariffs will also be a drag on the economy and cost tens of thousands of jobs.



President Donald Trump's trade battles are projected to hit middle-class families hard, according to a new study, especially if the president follows through on all of his threats.
According to a report from the conservative-leaning Tax Foundation, current tariffs will cause a squeeze for middle-class Americans — and lead to fewer jobs in the US. The think tank also estimated that the economic pain of the tariffs would get much worse in the event Trump follows through on all tariffs he has threatened.
"These tariffs will increase the tax burden on Americans, falling hardest on lower and middle-income households, and reduce economic output, employment, and wages," said Erica York, an analyst at the Tax Foundation.
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