Those are the findings of an analysis by the Institute on Taxation and Economic Policy released Wednesday. The study found that if Trump’s tariffs of 10 percent on most countries, 25 percent tariffs on certain sectors for specific countries like Mexico and Canada, and 145 percent tariffs on China were still around in 2026, the poor would be hit the hardest.
Even before the 2024 elections, Trump’s tariff idea was painted as a giveaway to the richest Americans, benefiting those with major assets. Small businesses are already seeing negative effects from Trump’s moves, unable to keep up with higher prices from suppliers. At one point, even the government wasn’t making any money off of the tariffs—a glitch at U.S. ports prevented their collection.
But the markets are still sliding lower each day the tariffs are in effect. Trump has backed off of his attacks on China and Federal Reserve chair Jerome Powell for now. However, until there’s some kind of deal with China and other countries that allows Trump to save face on an obviously ill-though out concept of a plan, the economy will continue to suffer as Americans are forced to live under a tax hike.
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