Trump tariffs will cost U.S. households $830 a year, study says

By the numbers: The foundation estimated Friday that Trump's proposed 25% tariffs on Canada and Mexico, as well as 10% tariffs on China, would shrink the economic output of the U.S. by 0.4% and increase taxes by $1.2 trillion between 2025 and 2034.

• That's on top of recent data showing that tariffs could threaten Americans' economic gains of recent years.

Zoom in: The researchers also found that tariffs Trump levied during his previous presidency — and which former president Biden enacted during his own — have hurt the economy.

• The Tax Foundation's analysis suggests the first Trump administration imposed nearly $80 billion in new taxes via tariffs between 2018 and 2019.
• The Biden admin retained most of those tariffs, and last May, announced tariff hikes on an additional $18 billion of Chinese goods, including semiconductors, which the researchers said amounted to a tax increase of $3.6 billion.

Zoom out: The Tax Foundation previously found that both Trump's and Biden's tariffs raised prices, reduced output, lowered employment and produced a "net negative impact on the U.S. economy."

• In a letter to lawmakers last month, the Congressional Budget Office also estimated that the tariffs would spur price hikes on consumer goods, at least initially, though they added that after 2025, the tariffs would not have any "additional significant effects on prices."
• The CBO also noted that poorer households would experience the largest drop in purchasing power.

The bottom line: The ripple effects of Trump's tariffs may seem abstract and far off for many Americans, but that could change quickly.