Fact of the Day: The Cost of Tariffs

Like most taxes, tariffs on goods and services get passed along to consumers in the form of higher prices. The cost of these tariffs has amounted to a steady $300 per household since the Reagan era, but that changed two years ago when President Trump imposed an array of new tariffs on foreign goods. American households now pay an average of $700 each in tariffs, more than double what they’ve paid under previous administrations.