Economics
Trump’s Tariffs Have Already Wiped Out Tax Bill Savings for Average Americans
- The $930 average tax cut has been almost erased by tariffs
- Chinese and Mexican tariffs could amount to $4,000 tax hikes
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President Donald Trump’s trade wars have already wiped out all but $100 of the average American household’s windfall from Trump’s 2017 tax law. And that’s just the beginning.
That last $100 in tax-cut gains also could soon disappear -- and then some -- because of additional tariffs Trump has announced or is considering. If the president makes good on his threats to impose levies on virtually all imports from China and Mexico, those middle-earning households could pay nearly $4,000 more as they shell out more for a vast range of goods -- from avocados to iPhones.