President Donald Trump's tariffs, and the foreign retaliation these have resulted in, could cost U.S. households nearly $5,000, according to a recent report.
In its latest trade policy update, released Tuesday, the Budget Lab at Yale estimated that the tariffs currently in place will result in three-percent price increases in the short-term, equivalent to a per-household cost of $4,900.
The Trump administration has defended the tariffs as essential for rectifying long-standing trade imbalances and rehousing American manufacturing. However, much of the criticism against these far-reaching policies has centered on the potential impacts the tariffs, as well as foreign retaliation to them, could have on inflation and prices for U.S. consumers.
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