Trump Tariffs: Tracking the Economic Impact of the Trump Trade War Trump's new tariffs on Mexico, Canada, and China would rank as the largest tax increase since 1993 and the 8th largest peacetime tax increase since 1940. We estimate the new tariffs would shrink economic output by 0.4 percent and increase taxes by $1.1 trillion, amounting to an average tax increase of more than $800 per US household in 2025.
https://taxfoundation.org/rese....arch/all/federal/tru