A 10 percent across-the-board tariff and more on China would cost an average American household at least $1,700 in increased taxes each year, according to a report this week from the Peterson Institute for International Economics (PIIE).
The toll "will be nearly five times those caused by the Trump tariff shocks through late 2019, generating additional costs to consumers from this channel alone of about $500 billion per year," it said.
Those new consumer costs translate to at least 1.8 percent of GDP, the nonpartisan Washington-based institute said, also noting the potential negative effects of foreign retaliation and lost competitiveness.
