In total, the imposed tariffs would reduce market income by 1.1 percent in 2026 (0.9 percent from the IEEPA tariffs and 0.3 percent from the other tariffs, totals don’t sum due to rounding) and amount to an average tax increase per US household of $1,183 in 2025 and $1,442 in 2026. Our estimates of reductions in market income understate the totality of effects Americans will face, as they exclude the loss of choice and higher prices for substitute goods.
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What Trump Trade Policy Has Achieved Since ‘Liberation Day’
Ten CFR experts break down what the president’s trade agenda has accomplished since he placed a ninety-day pause on his expansive “Liberation Day” tariffs.