THE ECONOMY & MAIN STREET • TRADE & MANUFACTURING
That’s the additional tax every American household is paying this year because of tariffs. Not income tax. Not sales tax. Tariff tax — nobody votes for it and most people can’t even see it on the receipt. Tax Foundation updated the estimate on August 20, two days before the White House dropped 50% duties on $20 billion of Canadian goods — Crown Royal, hockey sticks, dairy. The U.S. weighted tariff rate was 1.5% in 2022. The mid-August read was 11.7%, and Saturday’s Canadian duties pushed it higher. You pay the spread every time you walk into a store.
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That $840 estimate landed two days before Saturday’s 50% duties on your second-largest trading partner took effect.
