According to forecasts, American households would pay roughly 1,500 U.S. dollars more in the first year Trump's proposed universal tariff goes into effect. Of the total tax increase, the largest share would be taxes on materials and equipment for U.S. businesses, totalling about 610 U.S. dollars in additional taxes per household.
Impact of Trump's proposed tariff on household expenses in the United States in 2024
Characteristic
Tax increase in U.S. dollars
Materials and equipment for U.s. businesses
610
Autos, motorcycles, and pleasure boats
220
Oil and petroleum products
120
Pharmaceutical drugs
90
Food
90
Other
90
Apparel, footwear, and jewelry
70
Electronics
80
Furniture, kitchen appliances, and other household items
50
Toys, sporting goods, books, collectibles, and other recreational items
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Center for American Progress. (March 27, 2024). Impact of Trump's proposed tariff on household expenses in the United States in 2024 [Graph]. In Statista. Retrieved March 15, 2025, from https://www.statista.com/statistics/1557896/impact-trumps-proposed-tariff-household-expenses-us/?__sso_cookie_checker=failed
Center for American Progress. "Impact of Trump's proposed tariff on household expenses in the United States in 2024." Chart. March 27, 2024. Statista. Accessed March 15, 2025. https://www.statista.com/statistics/1557896/impact-trumps-proposed-tariff-household-expenses-us/?__sso_cookie_checker=failed
Center for American Progress. (2024). Impact of Trump's proposed tariff on household expenses in the United States in 2024. Statista. Statista Inc.. Accessed: March 15, 2025. https://www.statista.com/statistics/1557896/impact-trumps-proposed-tariff-household-expenses-us/?__sso_cookie_checker=failed
Center for American Progress. "Impact of Trump's Proposed Tariff on Household Expenses in The United States in 2024." Statista, Statista Inc., 27 Mar 2024, https://www.statista.com/statistics/1557896/impact-trumps-proposed-tariff-household-expenses-us/?__sso_cookie_checker=failed
Center for American Progress, Impact of Trump's proposed tariff on household expenses in the United States in 2024 Statista, https://www.statista.com/statistics/1557896/impact-trumps-proposed-tariff-household-expenses-us/?__sso_cookie_checker=failed (last visited March 15, 2025)
Impact of Trump's proposed tariff on household expenses in the United States in 2024 [Graph], Center for American Progress, March 27, 2024. [Online]. Available: https://www.statista.com/statistics/1557896/impact-trumps-proposed-tariff-household-expenses-us/?__sso_cookie_checker=failed
