New York Times: How Trump’s Radical Tariff Plan Could Wreck Our Economy

As a result, tariffs would raise the cost of living more for middle- and lower-income families than the average. An estimate by the Institute on Taxation and Economic Policy, which assumes a 20 percent tariff, finds that it would reduce the real income of families in the bottom fifth of earners by 5.7 percent, of middle-income families by 4.6 percent, but of the top 1 percent by only 1.4 percent. An analysis by the Peterson Institute for International Economics arrives at similar numbers. In other words, Trump’s 2.0 tariffs would in effect be a strongly regressive tax increase, imposing a serious burden on most families.

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